President Bola Tinubu has defended his administration’s decision to remove the fuel subsidy and unify the exchange rate, asserting that these reforms were critical to preventing an impending economic collapse in Nigeria.
While speaking at the 34th and 35th combined convocation ceremony at the Federal University of Technology, Akure (FUTA), Tinubu, who was represented by Professor Wahab Egbewole, the Vice-Chancellor of the University of Ilorin, acknowledged the short-term hardships caused by these decisions but emphasized their necessity for long-term economic stability.
Tinubu described the previous economic situation as a “fake good life,” warning that the unsustainable practices were leading the country toward a potential economic disaster. He emphasized that removing the fuel subsidy and unifying the exchange rate were crucial steps to steer Nigeria away from the brink of collapse. According to the president, the measures have already begun to yield positive results, including improvements in the country’s macroeconomic environment and progress in stabilizing the microeconomic framework.
The president also highlighted the importance of innovation and homegrown solutions to address the nation’s economic challenges. He called on researchers, academics, and the organized private sector to collaborate with Nigeria’s tertiary and research institutions to develop practical solutions that can benefit the country’s citizens and boost economic growth.
Furthermore, Tinubu expressed concern over the migration of skilled Nigerian professionals, which he described as a significant setback for the country’s development. He lamented that the intellectuals and experts, who had received considerable investment in education, were leaving the country at a time when their expertise was most needed.
