President Tinubu Defends Fuel Subsidy Removal, Warns of Economic Collapse Without Reforms
President Bola Tinubu has stated that the prosperity Nigerians experienced before his administration was an illusion and could have ultimately led to the country’s economic collapse stating that the removal of the fuel subsidy was a necessary step to prevent this outcome, alongside other key economic policies.
Tinubu made these remarks during the combined 34th and 35th convocation ceremonies at the Federal University of Technology Akure (FUTA) in Ondo State. He emphasized that the decision to remove the fuel subsidy and unify the exchange rate was driven by the need to avert a total economic collapse. The President, represented by Professor Wahab Egbewole, the Vice Chancellor of the University of Ilorin, acknowledged that these policies were difficult but essential for the country’s long-term stability. He pointed out that the economy was in severe decline due to unsustainable subsidies on fuel and the dollar.
Tinubu further explained that the subsidies, intended to support the poor, had caused more harm by propping up an artificial standard of living. The burden of these subsidies fell disproportionately on the poor and average Nigerians, failing to improve their quality of life and placing a heavy toll on the national economy. He described the so-called “good life” enjoyed before as a facade that risked leading the country to a catastrophic economic failure.
The President reassured Nigerians that the measures taken by his administration were already showing signs of economic recovery. Tinubu expressed confidence that the difficult decisions, including the removal of the fuel subsidy and exchange rate unification, would eventually restore the nation’s financial health and secure a more stable future for the country.
