President Bola Tinubu has again defended his decision on fuel subsidy, insisting that the removal of subsidy was necessary to save Nigeria from collapse, not to torment its citizens.
At the combined convocation of the Federal University of Technology, Akure on Saturday, Tinubu, represented by the Vice Chancellor of the University of Ilorin, Prof. Wahab Egbewole, acknowledged the suffering caused by the decision but reassured that it was a necessary step for Nigeria’s future.
“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.
“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”, he explaine.
Tinubu emphasized that the removal of the fuel subsidy and the unification of exchange rates were strategic choices aimed at preventing the nation from collapsing.
“To secure our children’s future and pull the country back from the edge of collapse, we had to make these strategic decisions regarding the fuel subsidy and exchange rates. I am aware of the impact these tough choices have on our people”, the President assured.
While acknowledging the immediate challenges, he also highlighted the positive impact of these policies on both the macro and microeconomy.
“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.
“We are now graduating from consumption to production economy in every facet of our human endeavours,” Tinubu remarked.
He expressed confidence that with the grace of God, “every household will experience a better life and have brighter hope for the future.”
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Tinubu urged Nigerians to remain patriotic and hopeful. His words: “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. The Renewed Hope Agenda is on track, and we shall not deviate on the path of better and greater Nigeria.”
The president also encouraged the graduating students to work together to recover “our lost glory and virtues,” while condemning the mass emigration of youths in search of better opportunities abroad. He said, “Many of our youths have chosen the supposed easy option of emigrating to the proverbial greener pastures where their citizens had rolled up their sleeves to bring their nations back from the brinks in their times of trouble. Such inclination has led to the brain drain syndrome that we now experience in all areas of our endeavours as a nation.”
Tinubu lamented the impact of “brain drain” on Nigeria, stating, “Our intellectuals and experts on whom the nation has massively invested huge resources to train in the interest of our country are migrating overseas in large numbers at a time their services are most required at home. It is heart-rending, and the syndrome is not the solution to our problems.”
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