President Bola Tinubu said Nigerians lived "fake lives" before the 2023 petrol subsidy removal, which was necessary to avoid economic collapse. At FUTA's convocation, Tinubu justified the subsidy and exchange rate reforms, acknowledging their tough impact on citizens but asserting they were crucial for the nation's long-term survival.
President Bola Tinubu recently stated that Nigerians were living "fake lives" before the removal of the petrol subsidy in 2023, at the combined 34th and 35th convocation ceremonies of the Federal University of Technology Akure (FUTA). Tinubu, represented by Wahab Egbewole, Vice-Chancellor of the University of Ilorin, explained that his policies, which also included exchange rate unification, were essential to prevent the collapse of Nigeria's economy.
He emphasized that the subsidies, which were intended to assist the poor, had created an unsustainable financial situation that was pushing the country toward economic collapse. Tinubu expressed regret over the difficult decisions but affirmed that they were necessary for the nation's survival. The removal of the petrol subsidy led to a sharp increase in fuel prices, and the naira now exchanges for over N1,600 to the dollar. These reforms, though painful, were crucial for addressing Nigeria’s deepening fiscal crisis.
Tinubu also acknowledged the consequences of these changes on Nigerians but stressed the urgency of these measures. He expressed concern over the large number of intellectuals and experts leaving Nigeria, at a time when their skills were most needed, and urged for a solution to the ongoing challenges.
