Tinubu: Subsidy removal producing positive results
President Bola Tinubu has affirmed that the fuel subsidy removal by his administration was aimed at saving Nigeria from collapse, not causing hardship for its citizens.
Speaking at the 34th and 35th combined convocation of the Federal University of Technology, Akure, Ondo State, on Saturday, November 30, Tinubu emphasized that the policy, announced during his inauguration on May 29, 2023, has been producing positive results for the country.
Represented by Professor Wahab Egbewole, Vice Chancellor of the University of Ilorin, Tinubu acknowledged the difficulties faced by Nigerians due to the policy but assured that the government remained confident that ending the fuel subsidy would lead to greater long-term benefits.
“As you all know, we assumed office at a time when our economy was on the brink, burdened by heavy debts from fuel and dollar subsidies,” he said. “The subsidies were intended to support the poor and improve living conditions, but in reality, they were only benefitting the wealthy, while the poor and average Nigerians suffered.”
Tinubu explained that the decision to remove the fuel subsidy and unify exchange rates was made to secure Nigeria’s future and prevent a collapse, despite the hardships these decisions have caused. He highlighted that the country’s macro-economy was improving steadily, surpassing expectations, and that the micro-economy was also beginning to show signs of positive change.
The President pointed to a shift from a consumption-based to a production-driven economy across various sectors, expressing optimism that every household would soon experience a better quality of life and a more hopeful future.
“I am pleased to inform you that the policies are already yielding the expected results,” he said.
Tinubu also urged the graduating students to work together to restore Nigeria’s lost glory and values, while criticizing the trend of youth migration in search of better opportunities abroad. He stated that such actions were not the solution to the country’s challenges.
Proofreading by Uchechi Ojo, Sub-editor at NeptunePrime.
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