The Good Life Nigerians Lived Before Petrol Subsidy Removal Was Fake – Tinubu

President Bola Tinubu has expressed that the standard of living many Nigerians believed they had before the removal of the petrol subsidy in 2023 was a “fake good life.” He made this statement during the 34th and 35th combined convocation ceremonies of the Federal University of Technology Akure (FUTA) in Ondo State on Saturday.

Tinubu, who was represented by the Vice Chancellor of the University of Ilorin, Professor Wahab Egbewole, explained that his administration’s tough decisions, including the removal of the petrol subsidy and the unification of exchange rates, were necessary to prevent the country from collapsing under its economic weight. He described the subsidies, which were initially meant to support the poor, as ultimately benefiting the wealthy while leaving ordinary Nigerians to bear the economic burden.

He stated, “As you are all aware, we took the baton of authority at a time when our economy was nose-diving as a result of heavy debts from fuel and dollar subsidies.” The president pointed out that despite the subsidies’ intention to help the poor, it was the general population, especially the average Nigerians, who ended up suffering.

Tinubu further explained that the “good life” Nigerians were enjoying was illusory and unsustainable. “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.”

In addressing the challenges caused by these necessary reforms, he acknowledged the hardships faced by Nigerians but emphasized that these decisions were critical to securing the country’s future. “The need to salvage the future of our children and bring the country back from the brink of collapse necessitated the strategic decisions to remove the fuel subsidy and also unify the exchange rates.”

The president expressed understanding of the impact of these changes on the people but reaffirmed his belief in their necessity, saying, “I am not unaware of the consequences of the tough decisions on our people. I sincerely wish there could be softer options.”

In his speech, Tinubu also voiced concerns over the increasing emigration of Nigerian youths in search of better opportunities abroad, which has led to a significant brain drain. He lamented that many young Nigerians were opting for the “easy option” of leaving, rather than staying to help rebuild their country. This trend has further exacerbated the challenges facing Nigeria across various sectors.

Despite these challenges, Tinubu assured the country that his administration’s “Renewed Hope” agenda is progressing and that he is committed to steering Nigeria toward a brighter and more prosperous future.

Earlier in the event, the Vice Chancellor of FUTA, Professor Adenike Oladiji, highlighted the university’s contributions to technological advancement in Nigeria. She encouraged the graduating students to apply the knowledge and skills they gained to improve both their own lives and the society at large.