President Bola Tiunbu has said that the removal of the oil subsidy by his administration was not to torment Nigerians but to save the country from total collapse.
The president who announced the subsidy removal on the day of his inauguration on May 29, 2023, noted that the policy had been yielding positive results for the country.
Tinubu stated this in his address at the 34th and 35th combined convocation ceremonies of the Federal University of Technology Akure Ondo State on Saturday.
Represented by the Vice Chancellor of the University of Ilorin, Prof Wahab Egbewole, the president said his administration was not unaware of the suffering of the people but expressed assurance that there would be light at the end of the tunnel.
Tinubu said, “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.
“We are all aware of the fact that the poor and average Nigerians were the sufferers of what was supposed to give them succour and improved standard of living. 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 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. I am not unaware of the consequences of the tough decisions on our people.”
Stressing that the policy has been fruitful, Tinubu stated, “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. By the grace of the Almighty God, every household will experience a better life and have brighter hope for the future.
“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.
It is in the light of the foregoing that I am glad to inform you that the results of the policies are already yielding the expected results,” he maintained.
The president admonished the graduating students to join hands together to recover “our lost glory and virtues.”
He condemned the exodus of youths to overseas countries in search of greener pastures, saying such action was not the solution to the country’s problem.
“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.
“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. We are not Nigerians by accident, and I believe that the Almighty God who made us Nigerians has given us the required wisdom to turn things around for our betterment, “President Tinubu said.
