- Says Nigerians Lived “Fake Good Life” Before Fuel Subsidy Removal
For the umpteenth time, President Bola Tinubu has boasted that the economic policies he initiated upon his assumption of office are now yielding the desired results.
He however acknowledged that the policies were harsh on the people, but stated that the move became imperative in order to salvage the country from the crises facing it.
Tinubu spoke during the 34th and 35th convocation ceremonies of the Federal University of Technology, Akure, FUTA over the weekend.
The President, who was represented by the Vice-Chancellor of the University of Ilorin, Prof. Wahab Egbewole, stated that the country is now graduating from a consumption to a production economy.
While calling for the people’s understanding and support, he maintained that his administration is open to criticisms and admiration.
The President said, “The need to salvage the future of our children and bring the country back from the brink of collapse necessitated the strategic decisions to remove the fuel subsidy and also unify the exchange rates.
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“I am not unaware of the consequences of the tough decisions on our people. I sincerely wish there could be softer options.
“The macro-economy of our dear country is improving by the day and beyond expectations. The micro-economy, which directly affects our citizens, is also taking shape gradually with positive results.
“By the grace of the Almighty God, every household will experience a better life and have brighter hope for the future.
“We are working hard to ensure the safety of every Nigerian in every part of the country. Our security architecture is up to the task, and the ugly narratives of the past are changing for good. Also, we are not relenting in our pursuit of making our country a haven of prosperity for all.”
Meanwhile, the President further stated that Nigerians were living a “fake good life” before the removal of the fuel subsidy.
He explained that while subsidies were originally intended to support the poor, they disproportionately benefited the wealthy, leaving average Nigerians to suffer from an unstable economy.
“As you are all aware, we took the baton of authority at a time when our economy was nose-diving as a result of heavy debts from fuel and dollar subsidies,” Tinubu stated.
He added, “The subsidies were meant to support the poor and make life better for all Nigerians. Unfortunately, the good life we thought we were living was a fake one that was capable of leading the country to a total collapse unless drastic efforts were urgently taken.
The need to salvage the future of our children necessitated the strategic decisions to remove the fuel subsidy and unify exchange rates.”
The present challenges call for a high degree of patriotism, and I can assure all Nigerians that there is light at the end of the tunnel. After rain comes sunshine. The brighter days are almost here,” Tinubu affirmed.
