Tinubu: Petrol Subsidy Removal and Exchange Rate Unification Essential to Save Nigeria

AKUIRE: President Bola Tinubu addressed the 34th and 35th combined convocation ceremonies of the Federal University of Technology Akure (FUTA) in Ondo State on Saturday, where he spoke about the challenges his administration faced and the decisions made to avert Nigeria’s economic collapse.

Represented by Professor Wahab Egbewole, the Vice Chancellor of the University of Ilorin, Tinubu emphasized that removing the petrol subsidy and unifying the exchange rates were necessary to safeguard the country’s future.

He explained that his administration inherited an economy burdened with massive debts from fuel and dollar subsidies, which were originally intended to support the poor. However, he pointed out that these subsidies had not improved the lives of the average Nigerian, and instead, they contributed to an unsustainable economic situation that could have led to national collapse without immediate intervention.

“The subsidies were meant to help the poor, but in reality, they harmed those they were intended to benefit. The supposed good life we thought we were living was an illusion that threatened the nation’s survival, Tinubu said.

He stressed that the need to protect future generations and steer the country away from collapse drove his tough decisions on subsidy removal and exchange rate unification. While acknowledging the hardship these measures caused, he expressed regret that there were no easier alternatives.

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Tinubu also addressed the issue of mass youth migration in search of better opportunities abroad. He lamented the “brain drain” phenomenon, where Nigerian youths left for countries that had successfully overcome their own struggles by putting in hard work and dedication to rebuild their economies. This migration, according to the president, had left the country with a shortage of skilled professionals in various sectors.

Despite these challenges, Tinubu assured Nigerians that his administration’s “Renewed Hope” agenda is progressing, and he is committed to continuing efforts to build a stronger, more prosperous nation.

Earlier, the Vice Chancellor of FUTA, Professor Adenike Oladiji, highlighted the university’s contributions to quality education and research, noting its role in driving Nigeria’s technological advancement. She encouraged the graduating students to use the knowledge they gained to further their personal growth and contribute to the nation’s development.