President Bola Tinubu has defended his administration’s decision to remove the fuel subsidy, describing the “fake” good life Nigerians were living as a major risk to the country’s economic stability. The President made the remarks through a representative, Professor Wahab Egbewole, Vice Chancellor of the University of Ilorin, at the 34th and 35th combined convocation ceremonies of the Federal University of Technology, Akure (FUTA) in Ondo State.

Tinubu explained that the subsidy removal, announced on May 29, 2023, was a necessary step to prevent Nigeria’s economic collapse, despite the short-term challenges it posed. “The subsidies were meant to support the poor and improve their lives, but in reality, it was the poor and average Nigerians who suffered the most,” he said.

He criticized the illusion of prosperity created by the subsidies, adding, “The good life we thought we were living was a fake one, capable of leading the country to collapse unless drastic measures were taken.” Tinubu emphasized that the removal of subsidies and the unification of exchange rates were crucial to securing the future of Nigeria’s children.

The President also noted that the policy was beginning to yield positive results, with Nigeria’s economy showing improvement and a shift from a consumption-driven to a production-based model.

Addressing the graduates, Tinubu urged them to collaborate with his administration in restoring Nigeria’s lost glory and tackling the issue of mass youth emigration. He expressed concern over the brain drain, stating, “Our intellectuals, on whom the nation has heavily invested, are migrating at a time when their services are most needed.”

Despite these challenges, Tinubu expressed optimism, assuring Nigerians that the country would overcome its issues. “There is light at the end of the tunnel. After rain comes sunshine. The Renewed Hope Agenda is on track,” he said.

The Vice Chancellor of FUTA, Professor Adenike Oladiji, announced that 6,405 graduates participated in the convocation, with 519 achieving First Class honors. She highlighted the university’s dedication to advancing quality research and education for societal development.