President Bola Tinubu has explained that the twin policies of petrol subsidy removal and exchange rate unification were critical in addressing Nigeria’s worsening economy
He noted that his administration reforms have had painful consequences but were necessary for the nation’s long-term survival
At the convocation ceremony of the Federal University of Technology Akure, Tinubu also revealed how Nigerians were living a “fake life” before the petrol subsidy removal.…CONTINUE READING
President Bola Ahmed Tinubu has stated that Nigerians were living a “fake life” before the removal of the petrol subsidy in 2023.
Tinubu made this assertion at the combined 34th and 35th convocation ceremonies of the Federal University of Technology Akure (FUTA) in Ondo state.
According to the president, his twin policies of petrol subsidy removal and exchange rate unification were meant to save the Nigerian economy from collapse, BusinessDay reported
Tinubu, represented by Wahab Egbewole, vice-chancellor of the University of Ilorin, said: “We took the baton of authority at a time when our economy was nose-diving as a result of heavy debts from fuel and dollar subsidies.”
Speaking further, he noted that the subsidies were targeted at supporting the poor and making life better for all Nigerians, stressing that the economy needed drastic actions to avert collapse.
“Unfortunately, the good life we thought we were living was a fake one that was capable of leading the country to a total collapse unless drastic efforts were urgently taken.”
