President Bola Tinubu has stated that his administration’s decision to remove the fuel subsidy was crucial in preventing Nigeria from sliding into a full-blown economic crisis. S
peaking 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, Prof. Wahab Egbewole, emphasized that the country’s economic challenges required urgent and bold action.
Tinubu explained that while the fuel and dollar subsidies were designed to help the poor, they had ultimately exacerbated economic instability, benefiting the wealthy rather than those in need. He pointed out that Nigeria’s rising debts from these subsidies were driving the economy towards collapse.
“At the time we assumed office, the economy was in freefall, burdened by the weight of fuel and dollar subsidies,” Tinubu remarked. “The subsidies were meant to ease the burden on the poor, but instead, they became a means for the wealthy to profit, while average Nigerians were left to bear the cost.”
He further explained that the removal of the fuel subsidy and the unification of exchange rates were necessary measures to safeguard the country’s future. Despite the short-term difficulties these reforms may have caused, Tinubu reassured Nigerians that they were already beginning to yield positive results, and the country’s economy was on a path to recovery.
“After the rain comes the sunshine,” Tinubu said, expressing his confidence that brighter days were ahead for Nigeria. He urged Nigerians to remain patient and patriotic, assuring them that the country would overcome its current challenges and emerge stronger.
