Nigerians Were Living ‘Fake Good Life’ With Fuel Subsidy —Tinubu

President Bola Tinubu has stated that the fuel subsidy regime in Nigeria created a “fake good life” that was unsustainable and could have led the country to economic collapse. Speaking at the 34th and 35th combined convocation ceremonies of the Federal University of Technology Akure (FUTA) in Ondo State, Tinubu explained that the removal of the fuel subsidy and the unification of exchange rates were essential decisions taken to prevent the country from plunging deeper into economic crisis.

Represented by Professor Wahab Egbewole, SAN, the Vice Chancellor of the University of Ilorin, Tinubu acknowledged that while subsidies were initially meant to support the poor, they ultimately benefited the wealthy more and left ordinary Nigerians to suffer from an unstable economy. He highlighted that when his administration assumed office, Nigeria was burdened with heavy debts from both fuel and dollar subsidies.

“The subsidies were meant to support the poor and make life better for all Nigerians. Unfortunately, the good life we thought we were living was a fake one that was capable of leading the country to a total collapse unless drastic efforts were urgently taken,” he said.

Tinubu emphasized that his administration’s policy choices were made to safeguard the future of Nigeria’s children and avert further economic decline. He assured the public that these measures were already yielding positive results, with macroeconomic indicators improving and a shift from a consumption-driven economy to a production-based one.

He also expressed concern over the increasing emigration of Nigerian youths, which he described as contributing to a brain drain, particularly in critical sectors. Tinubu urged the graduates to stay in Nigeria and contribute to rebuilding the nation’s economy, stressing that the country has the wisdom and resources to turn things around.

In her address, Professor Adenike Oladiji, the Vice Chancellor of FUTA, announced the graduation of 6,405 students across various disciplines in the combined 2022/2023 and 2023/2024 academic sessions. She highlighted the achievement of 519 students who graduated with First Class honours and commended the university’s role in societal development through education and research.