President Bola Tinubu has stated that the lifestyle Nigerians believed to be prosperous before his administration’s reforms was actually a “fake good life,” one that was unsustainable and poised to push the country toward collapse.
In a speech delivered at the 34th and 35th combined convocation ceremonies of the Federal University of Technology Akure (FUTA) in Ondo State, Tinubu, represented by Prof. Wahab Egbewole, Vice Chancellor of the University of Ilorin, explained the rationale behind the government’s controversial decision to remove the fuel subsidy.
Tinubu highlighted that while subsidies were intended to alleviate hardship for the poor, they ultimately failed to serve the intended purpose, benefiting the wealthy and leaving ordinary Nigerians vulnerable to economic instability. According to the president, the country had been living under a false sense of prosperity, propped up by unsustainable government spending on subsidies.
“The subsidies were meant to support the poor and improve the lives of all Nigerians, but the truth is that the so-called good life we were living was a mirage,” Tinubu explained. “It was a fake good life, one that would have eventually led the country to a total collapse unless urgent actions were taken.”
The president emphasized that his administration’s decision to remove the fuel subsidy and unify exchange rates was essential for securing Nigeria’s future. Though the reforms came with immediate challenges, he assured Nigerians that they were the only way to stabilize the economy and avoid a deeper crisis.
Tinubu concluded by expressing optimism for the future, saying, “There is light at the end of the tunnel. After the rain comes the sunshine. Brighter days are almost here.” He urged the nation to remain steadfast and patient as the government continues to steer the country toward recovery.
