President Bola Tinubu has stated that before his administration assumed office, Nigerians were experiencing a deceptive sense of prosperity that could have led the country to economic collapse. This, he explained, necessitated his administration’s decision to remove the controversial fuel subsidy.
Tinubu, who made this known during the 34th and 35th combined convocation ceremonies of the Federal University of Technology Akure (FUTA) in Ondo State, emphasized that the country was at the brink of economic disaster due to unsustainable debts caused by subsidies on fuel and foreign exchange. The event took place over the weekend, with the President represented by the Vice Chancellor of the University of Ilorin, Professor Wahab Egbewole.
In his remarks, the President noted that the removal of the fuel subsidy, announced on May 29, 2023, during his inauguration, was a critical move to safeguard the nation’s future. He explained that the subsidy, originally intended to benefit the poor and improve living standards, had ironically caused significant harm to the majority of Nigerians.
“The subsidies, which were meant to provide relief to the poor, ended up worsening their plight. What many believed to be a good life was, in reality, an illusion—one that could have driven the nation to total economic collapse unless drastic measures were taken,” Tinubu said.
He highlighted that his administration was fully aware of the hardships the policy would bring but saw it as a necessary step to steer Nigeria towards economic recovery. Additionally, he justified the unification of exchange rates as part of a broader strategy to stabilize the economy and shift it from a consumption-driven model to one focused on production.
Tinubu assured Nigerians that these policies were already yielding positive results. He noted that while the macroeconomic indicators of the economy are improving faster than anticipated, the microeconomic framework is also gradually stabilizing, laying the foundation for sustainable growth.
Addressing the graduating students, Tinubu urged them to contribute to rebuilding the country’s economy and restoring its lost virtues. He expressed concern about the mass emigration of Nigerian youths in search of better opportunities abroad, describing it as a major contributor to the brain drain affecting critical sectors of the nation’s economy.
“It is disheartening to see many of our youths opting to emigrate to so-called greener pastures, especially when those countries once faced similar challenges and worked collectively to overcome them. Our intellectuals and experts, who have benefited from Nigeria’s resources and investment, are leaving at a time when their skills and expertise are most needed at home,” he lamented.
The President called for patriotism and resilience, assuring Nigerians that the “Renewed Hope Agenda” of his administration was on track to bring about a better and more prosperous Nigeria. “The challenges we face today require a high degree of patriotism. There is light at the end of the tunnel. After the rain comes sunshine, and brighter days are on the horizon,” he added.
The convocation ceremony also featured remarks from the Vice Chancellor of FUTA, Professor Adenike Oladiji, who announced the graduation of 6,405 students from nine schools of study for the combined 2022/2023 and 2023/2024 academic sessions. Among the graduates, 519 earned First Class honors, 3,408 received Second Class Upper degrees, 2,139 obtained Second Class Lower degrees, and 339 graduated with Third Class degrees.
Professor Oladiji emphasized FUTA’s commitment to excellence in teaching, learning, and research, highlighting the institution’s significant achievements across various fields. She reiterated FUTA’s mandate to drive societal development through groundbreaking academic and research endeavors.
