President Bola Tinubu has described the perceived prosperity Nigerians experienced before his administration as unsustainable and detrimental to the nation’s economic stability. Speaking during the combined 34th and 35th convocation ceremonies of the Federal University of Technology Akure (FUTA) in Ondo State, the President, represented by Professor Wahab Egbewole, Vice Chancellor of the University of Ilorin, highlighted the critical importance of removing the fuel subsidy and unifying the exchange rate to avert an economic catastrophe.
Reflecting on the challenges faced at the start of his tenure, Tinubu said, “We assumed leadership at a time when our economy was on the verge of collapse due to crippling debts from fuel and dollar subsidies. These subsidies, though intended to support the less privileged and elevate living standards, ironically deepened hardship for the poor and middle-class citizens.”
He emphasized that the comfortable life many thought they were enjoying was an illusion, masking a precarious economic reality. “The ‘good life’ we believed we had was a façade that could have driven Nigeria into total financial ruin. Bold, urgent measures were necessary to secure the future of our nation and generations to come,” Tinubu remarked.
The President reassured Nigerians that the administration’s policies, though initially tough, were already yielding positive outcomes, with promising signs of economic recovery and growth.
