President Bola Tinubu has stated that Nigerians were living an unsustainable lifestyle that could have led to total economic collapse before his administration’s decision to remove the fuel subsidy,Daily Trust reports.
On May 29, 2023, the day of his inauguration, Tinubu announced the removal of the fuel subsidy, citing the need to rescue the nation from financial distress and secure its future. Speaking during the 34th and 35th combined convocation ceremonies of the Federal University of Technology, Akure (FUTA), in Ondo State, the President, represented by the Vice Chancellor of the University of Ilorin, Professor Wahab Egbewole, emphasized the importance of the tough but necessary reforms.
He said, “When we took office, the economy was in decline due to the heavy debt burden from fuel and dollar subsidies. While these subsidies were intended to support the poor, they ironically caused greater hardship for the very people they were meant to help. The so-called good life many believed they were living was an illusion, one that risked driving the country to economic collapse.”
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Tinubu highlighted the rationale behind removing the subsidy and unifying exchange rates, stressing that these measures were crucial to preventing national financial ruin and securing a better future.
He noted that the policy changes were already producing positive results, with the macroeconomic environment improving and the microeconomic framework transitioning from a consumption-driven model to a production-focused economy.
The President called on graduates to contribute to the nation’s recovery, urging them to resist the trend of mass emigration, which he described as contributing to a damaging brain drain across key sectors.
“It is disheartening to see many of our youth emigrating in search of greener pastures when their expertise and energy are needed most at home. We are Nigerians for a reason, and with determination and patriotism, we can turn our challenges into opportunities,” he said.
Tinubu reassured Nigerians of better days ahead, stating that the “Renewed Hope Agenda” was on track and aimed at building a stronger, more prosperous nation.
During the convocation, FUTA Vice Chancellor, Professor Adenike Oladiji, announced that a total of 6,405 students graduated from nine schools of study across the 2022/2023 and 2023/2024 academic sessions. Of these, 519 earned First Class honors, 3,408 achieved Second Class Upper, 2,139 obtained Second Class Lower, and 339 graduated with Third Class.
Oladiji reaffirmed the university’s commitment to excellence in teaching, research, and societal development, celebrating the institution’s significant achievements across various fields.
