Tinubu alleged that Nigerians were living fake good life before fuel subsidy removal

President Bola Tinubu has described the seemingly comfortable life Nigerians enjoyed before the removal of the fuel subsidy as "illusory" and unsustainable, warning it could have led the country to economic collapse. During his inauguration on May 29, 2023, Tinubu announced the removal of the fuel subsidy, a decision he said was necessary to secure Nigeria’s future and avert total economic failure. Speaking at the 34th and 35th combined convocation ceremonies of the Federal University of Technology Akure (FUTA) in Ondo State, Tinubu, represented by the Vice Chancellor of the University of Ilorin, Professor Wahab Egbewole, acknowledged the difficulties resulting from the move.

“We assumed office at a time when the economy was severely strained by heavy debts from fuel and dollar subsidies,” he stated. “Although intended to support the poor, these subsidies ironically left them worse off. The so-called good life they offered was unsustainable and would have led to a national collapse without urgent intervention. To safeguard our future, we took the bold steps of removing the fuel subsidy and unifying exchange rates.”

The President urged the graduating students to contribute to rebuilding the nation and expressed concern over the brain drain caused by the mass migration of Nigerian youths seeking opportunities abroad. He lamented that many of the country’s highly trained experts and intellectuals, in whom substantial resources had been invested, were leaving when their contributions were most needed at home.

“Emigrating to supposed greener pastures is not the solution,” Tinubu said. “We are Nigerians for a purpose, and with collective effort and patriotism, we can overcome our challenges. There is hope on the horizon, and brighter days lie ahead. The Renewed Hope Agenda is on track, and we remain committed to building a better and greater Nigeria."