President Bola Ahmed Tinubu has justified his administration’s decision to remove the petrol subsidy and unify exchange rates, emphasizing that these measures were critical to saving Nigeria from economic collapse.
Speaking at the combined 34th and 35th convocation ceremonies of the Federal University of Technology, Akure (FUTA) on Saturday, Tinubu, represented by the Vice Chancellor of the University of Ilorin, Prof. Wahab Egbewole, said his government had to take decisive steps to secure the nation’s future.
“As you are all aware, we took office at a time when the economy was nose-diving due to heavy debts from fuel and dollar subsidies. These subsidies, originally intended to support the poor, ironically worsened their condition. The supposed good life we thought we were living was fake and could have led the country to collapse unless drastic action was taken,” Tinubu explained.
He noted that the removal of the petrol subsidy and unification of exchange rates were strategic decisions to salvage the country’s economy. “The need to secure the future of our children and bring the country back from the brink of collapse necessitated these tough choices. I am not unaware of their impact on our people, and I sincerely wish there could have been softer options,” the president added.
Tinubu also raised concerns over the widespread migration of Nigerian youths in search of better opportunities abroad, describing it as a brain drain that is affecting the nation’s development. “Many of our youths have chosen the supposed easy option of emigrating to greener pastures, where citizens had rolled up their sleeves to rebuild their nations during difficult times. This has left us grappling with a brain drain in many critical sectors,” he said.
Despite these challenges, Tinubu reaffirmed his administration’s commitment to the “Renewed Hope Agenda” and pledged to remain steadfast in building a better and more prosperous Nigeria.
In her remarks, FUTA’s Vice Chancellor, Prof. Adenike Oladiji, highlighted the university’s dedication to advancing Nigeria’s technological and educational development through quality research and innovation. She urged the graduating students to use their knowledge for personal and societal advancement. “Leverage the skills and knowledge you have acquired here to contribute meaningfully to yourselves and the society at large,” she said.
The convocation served as a platform for President Tinubu to reaffirm his administration’s resolve to address Nigeria’s economic and developmental challenges, while encouraging Nigerians to remain resilient and committed to national progress.
