President Bola Tinubu has described the era of fuel subsidies in Nigeria as a “fake good life” that masked the country’s looming economic crisis.
Speaking at the 34th and 35th combined convocation ceremonies of the Federal University of Technology, Akure (FUTA) in Ondo State, Tinubu emphasized that removing the subsidy was a necessary step to safeguard Nigeria’s future.
Represented by the Vice Chancellor of the University of Ilorin, Professor Wahab Egbewole, SAN, the President explained that both the removal of the petrol subsidy and the unification of exchange rates were strategic moves to avert economic disaster.
“As you know, we inherited an economy burdened by heavy debts due to fuel and dollar subsidies,” Tinubu said. “These subsidies, meant to help the poor, ended up enriching the wealthy while the nation’s economy spiraled downward. The good life we thought we had was a false one that could have led to collapse.”
He noted that the economic policies implemented by his administration were already showing positive results. Tinubu stressed that Nigeria’s economic framework is shifting from consumption to production and assured citizens that recovery is underway.
“There is light at the end of the tunnel,” he said. “These challenges require patriotism, but brighter days are coming. After the rain, there will be sunshine.”
The President also expressed concern over the rising emigration of Nigerian youths, emphasizing the detrimental impact of brain drain on the country. “Our highly trained intellectuals and professionals are leaving when their expertise is most needed. Leaving is not the solution. We were made Nigerians for a reason, and we have the wisdom to rebuild our nation,” Tinubu stated.
In her address, FUTA Vice Chancellor, Professor Adenike Oladiji, announced that 6,405 students graduated from the institution across nine schools in the combined 2022/2023 and 2023/2024 academic sessions. She noted that 519 students earned First Class honours, with 3,408 receiving Second Class Upper degrees.
“Our mission is to provide quality education, impactful research, and innovative solutions for societal development,” Oladiji said, highlighting FUTA’s contributions to national progress.
