Bola Tinubu stated that Nigerians were living an unsustainable “fake good life” that risked plunging the country into total economic collapse before his administration took action to remove the fuel subsidy.
Tinubu also acknowledged the tough consequences of his administration’s decisions to remove the fuel subsidy and unify the exchange rate, stressing that these measures were necessary to avert an economic collapse in Nigeria.
Speaking at the 34th and 35th combined convocation ceremonies of the Federal University of Technology, Akure (FUTA), Tinubu expressed his wish for easier alternatives.
However, he described the prior economic state as an unsustainable “illusion of prosperity” that could have led to a complete breakdown without swift action.
“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 subsidies were meant to support the poor and make life better for all Nigerians. We are all aware of the fact that the poor and average Nigerians were the sufferers of what was supposed to give them succor and improved standard of living.
“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.
“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,” he said.
Represented by Professor Wahab Egbewole, Vice-Chancellor of the University of Ilorin, the President expressed optimism about the economy.
Tinubu called for homegrown solutions to address Nigeria’s challenges, urging researchers to develop innovations aimed at improving citizens’ quality of life.
He reaffirmed his administration’s dedication to fostering an environment where research and production can flourish across different sectors.
“Our tertiary and research institutions are more crucial than ever,” he stated. “The current economic situation demands that these institutions support our efforts to provide a better life for our people and build a prosperous nation.”
“I call on the organized private sector to collaborate with our research institutions to develop and replicate our research outputs for the benefit of our citizens and improvement of the economy.
“Our intellectuals and experts on whom the nation has massively invested huge resources to train in the interest of our country are migrating overseas in large numbers at a time when their services are most required at home. It is heart-rending and the syndrome is not the solution to our problems.
“This administration is committed to restoring the lost glory of the Nigerian educational system devoid of industrial unrest occasioned by students’ and staff unions’ protests and strikes.”
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