Recent address at the 34th and 35th combined convocation ceremonies of the Federal University of Technology Akure in Ondo State, President Bola Tinubu shared positive developments regarding the fuel subsidy removal. He emphasized that the decision to remove the subsidy was made not to burden Nigerians, but to prevent the country from facing an economic collapse.

Since announcing the subsidy removal on May 29, 2023, the president stated that the policy had begun yielding favorable results. Represented by the Vice Chancellor of the University of Ilorin, Prof. Wahab Egbewole, Tinubu acknowledged the current hardships Nigerians are facing but reassured them that the government’s decisions are designed to create a brighter future for the country.

“We inherited a deteriorating economy, weighed down by fuel and dollar subsidies. While these subsidies were intended to support the less privileged, they were unsustainable and only worsened the economic situation,” Tinubu explained. He pointed out that the country’s previous reliance on these subsidies created an illusion of prosperity, which was ultimately unsustainable and contributed to Nigeria’s financial instability.

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Despite the challenges, Tinubu emphasized that the policy changes, including the removal of the fuel subsidy and the unification of exchange rates, were necessary to secure Nigeria’s future. “The decision was tough, but it was essential for the survival and growth of the nation,” he added.

The president expressed confidence that these measures are beginning to produce positive economic outcomes. He highlighted that Nigeria is transitioning from a consumption-based economy to one focused on production, which will benefit all households in the long run. “There is light at the end of the tunnel,” Tinubu reassured citizens, stressing that the Renewed Hope Agenda is making progress.

In his speech, the president also addressed the issue of Nigeria’s youth migration, urging them to contribute to the country’s recovery rather than seeking opportunities abroad. “Our intellectuals and experts are leaving at a time when their skills are most needed here. We must work together to restore our national pride and make Nigeria a place of opportunity,” he said, calling on the graduates to play an active role in the country’s resurgence.