Fuel Subsidy Was “Fake Good Life,” Saved Nigeria from Collapse – Tinubu

President Bola Tinubu has described the life Nigerians lived before the removal of the fuel subsidy as a “fake good life” that could have led to total economic collapse. Speaking during the 34th and 35th combined convocation ceremonies of the Federal University of Technology Akure (FUTA) in Ondo State, Tinubu, represented by Professor Wahab Egbewole, Vice Chancellor of the University of Ilorin, justified the subsidy removal and unification of exchange rates as necessary steps to salvage Nigeria’s economy.

“The subsidies were meant to support the poor and improve standards of living, but unfortunately, the poor and average Nigerians were the real sufferers of what was supposed to give them succor,” Tinubu stated. He explained that the decisions were taken to secure the future of the country and prevent economic collapse caused by heavy debts from fuel and dollar subsidies.

The President acknowledged the hardship caused by these measures but urged Nigerians to work with his administration to restore the nation’s “lost glory and virtues.”

He also addressed the ongoing brain drain caused by the mass emigration of Nigerian youths in search of greener pastures, emphasizing its negative impact on various sectors of the economy. “Many of our youths have chosen the supposed easy option of emigrating… We need them here to rebuild our nation.”

Tinubu’s remarks come months after the controversial removal of fuel subsidies on May 29, 2023, the day of his inauguration, which sparked debates and protests nationwide.
Peoplesmind