Tinubu Defends Fuel Subsidy Removal and Exchange Rate Unification at FUTA Convocation, Stresses Need for Economic Reform
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President Bola Tinubu has defended his administration’s decision to remove the fuel subsidy and unify exchange rates, stating that these actions were necessary to prevent Nigeria from economic collapse. Speaking at the 34th and 35th combined convocation ceremonies of the Federal University of Technology Akure (FUTA) in Ondo State on Saturday, Tinubu, represented by the Vice Chancellor of the University of Ilorin, Prof. Wahab Egbewole, explained that his government took decisive steps to safeguard Nigeria’s future.
He highlighted that Nigeria was facing severe economic challenges due to unsustainable fuel and dollar subsidies, which, while intended to support the poor, ultimately had negative consequences for the nation’s economy. “The subsidies were meant to support the poor and make life better for all Nigerians. Unfortunately, the good life we thought we were living was a fake one that could have led the country to a total collapse unless drastic efforts were urgently taken,” Tinubu stated.
The president also acknowledged the hardship caused by these tough decisions, stating that while he wished there could be softer alternatives, they were essential to secure the future of Nigeria’s youth and prevent the country from further economic decline.
Tinubu also expressed concern over the growing trend of Nigerian youths emigrating in search of better opportunities abroad, which has contributed to the country’s ongoing brain drain. He urged the youths to remain committed to contributing to Nigeria’s progress, referencing how other nations faced similar challenges and emerged stronger.
Despite the challenges, Tinubu assured Nigerians that his administration’s “Renewed Hope” agenda is progressing as planned and reaffirmed his determination to lead the country toward a more prosperous future.
Earlier, the Vice Chancellor of FUTA, Prof. Adenike Oladiji, commended the university’s contributions to technological advancements and research in Nigeria. She encouraged the graduating students to apply their knowledge for personal growth and societal development.
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