President Bola Tinubu has defended his administration’s decision to remove the oil subsidy, stating that it was necessary to save the country from total collapse.
Speaking at the 34th and 35th combined convocation ceremonies of the Federal University of Technology Akure, Ondo State, Tinubu acknowledged that the policy has caused suffering for Nigerians, but assured that it would ultimately yield positive results.
Tinubu explained that the subsidies were initially intended to support the poor and improve the standard of living for all Nigerians.
However, he noted that the poor and average Nigerians were actually the ones suffering from the subsidies, which were capable of leading the country to total collapse.
To address this, Tinubu’s administration made the strategic decision to remove the fuel subsidy and unify the exchange rates.
According to Tinubu, the policy has been fruitful, with the country’s macro-economy improving beyond expectations. The micro-economy, which directly affects citizens, is also taking shape gradually with positive results.
Tinubu expressed confidence that every household will experience a better life and have brighter hope for the future.
The president also addressed the issue of brain drain, condemning the exodus of youths to overseas countries in search of greener pastures. He emphasized that this is not the solution to the country’s problems and encouraged Nigerians to work together to recover their lost glory and virtues.
Tinubu’s administration has been working to implement the Renewed Hope Agenda, which aims to bring about a better and greater Nigeria.
