President Bola Tinubu has stated that Nigerians lived beyond their means before the removal of the petrol subsidy in 2023.
Speaking at the 34th and 35th convocation ceremonies of the Federal University of Technology Akure (FUTA) in Ondo State, the President defended his policies of petrol subsidy removal and exchange rate unification.
He emphasized that these measures were necessary to prevent the collapse of Nigeria's economy and ensure long-term sustainability. Tinubu's remarks come amid ongoing debates about the economic impact of these reforms.
“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,” Tinubu, represented by Wahab Egbewole, vice-chancellor of the University of Ilorin, said.
He said the subsidies were targeted at supporting the poor and improving the lives of all Nigerians, stressing that the economy needed drastic action to avert collapse.
“Unfortunately, the good life we thought we were living was a fake one capable of leading the country to collapse unless drastic efforts were urgently taken.”