President Bola Ahmed Tinubu has described the period before the removal of the petrol subsidy in 2023 as an era of “fake lives” for Nigerians.
He made this statement during the combined 34th and 35th convocation ceremonies of the Federal University of Technology, Akure (FUTA), held in Ondo State on Saturday.
Represented by the Vice-Chancellor of the University of Ilorin, Prof. Wahab Egbewole, President Tinubu explained that his administration’s decision to end the subsidy and unify exchange rates was critical to saving the nation from economic collapse.
“The subsidies, though intended to alleviate the plight of the poor, ironically worsened their condition, creating an unsustainable system that could have led to national failure,” he said.
Acknowledging the hardship caused by the reforms, President Tinubu expressed his determination to ensure a brighter future for Nigerians through his administration’s “Renewed Hope” agenda.
He also decried the brain drain resulting from youth migration in search of greener pastures, attributing it to the country’s economic struggles.
Earlier, FUTA Vice Chancellor, Prof. Adenike Oladiji, lauded the institution’s strides in education and research, urging the graduates to apply their knowledge toward societal and personal growth.
