President Bola Tinubu has clarified that his administration’s decision to remove the oil subsidy was not aimed at burdening Nigerians, but rather to safeguard the nation from economic collapse.

In a speech at the 34th and 35th combined convocation ceremonies of the Federal University of Technology Akure in Ondo State on Saturday, Tinubu, who made the subsidy removal announcement on his inauguration day, May 29, 2023, pointed out that the policy was already producing positive outcomes.

The president, represented by the Vice Chancellor of the University of Ilorin, Prof. Wahab Egbewole, recognised the hardships faced by citizens but assured them that better days were ahead.

Tinubu reflected on the challenges his administration inherited, including an economy weighed down by substantial debts linked to fuel and dollar subsidies. These subsidies, he explained, were intended to help the poor, but instead, they ended up burdening the very people they were meant to support.

He noted that while the country appeared to be prospering, this facade masked deeper financial instability that could have led to a total collapse if urgent actions were not taken.

He outlined that his government’s decision to remove the fuel subsidy and unify exchange rates was driven by the need to secure the future of the nation’s children and stabilize the country. He acknowledged the difficult nature of these decisions and the consequences for ordinary Nigerians.

Tinubu said, “As you are all aware, we took the baton of authority at a time when our economy was nose-diving as a result of heavy debts from fuel and dollar subsidies. The subsidies were meant to support the poor and make life better for all Nigerians.

“We are all aware of the fact that the poor and average Nigerians were the sufferers of what was supposed to give them succour and improved standard of living. Unfortunately, the good life we thought we were living was a fake one that was capable of leading the country to a total collapse unless drastic efforts were urgently taken.

“The need to salvage the future of our children and bring the country back from the brink of collapse necessitated the strategic decisions to remove the fuel subsidy and also unify the exchange rates. I am not unaware of the consequences of the tough decisions on our people.”

Highlighting the positive changes already underway, Tinubu said that Nigeria’s macro-economy was improving beyond expectations, with gradual improvements also being seen in the micro-economy, which directly impacts citizens.

He noted that the country was transitioning from a consumption-based economy to a more production-oriented one, with hopes for a better future for every household.

Tinubu encouraged the nation to remain patriotic, stating that despite current challenges, better days were near.

He affirmed that his administration’s “Renewed Hope Agenda” remained on course and would continue to focus on securing a prosperous and strong Nigeria.

Addressing the graduating students, he called on them to contribute to restoring the nation’s former greatness.

He also expressed concern over the increasing trend of Nigerian youths seeking opportunities abroad, describing it as a flawed approach to solving the country’s problems.

He explained that this brain drain was depriving Nigeria of skilled professionals at a time when their expertise was most needed at home.

“Many of our youths have chosen the supposed easy option of emigrating to the proverbial greener pastures where their citizens had rolled up their sleeves to bring their nations back from the brink in their times of trouble. Such inclination has led to the brain drain syndrome that we now experience in all areas of our endeavours as a nation.

“Our intellectuals and experts on whom the nation has massively invested huge resources to train in the interest of our country are migrating overseas in large numbers at a time their services are most required at home. It is heart-rending, and the syndrome is not the solution to our problems. We are not Nigerians by accident, and I believe that the Almighty God who made us Nigerians has given us the required wisdom to turn things around for our betterment,” Tinubu said.