Akure, Ondo State – President Bola Tinubu has described the pre-subsidy removal era in Nigeria as a period of a “fake good life” that could have led the country to economic collapse. He emphasized that his administration’s tough decisions were essential to safeguard the nation’s future.
The President made these remarks during the combined 34th and 35th convocation ceremonies of the Federal University of Technology Akure (FUTA) over the weekend. He was represented by Professor Wahab Egbewole, Vice Chancellor of the University of Ilorin.
Tinubu reiterated that his government inherited a struggling economy burdened by heavy debts from fuel and currency subsidies. He defended the decision to remove fuel subsidies and unify exchange rates, stating these measures were necessary to prevent the country’s total economic failure.
“The subsidies were intended to support the poor and improve living standards but ended up doing the opposite. The so-called good life we thought we were enjoying was unsustainable and would have led to national collapse,” he said.
Tinubu also addressed Nigeria’s ongoing brain drain crisis, urging graduates and youth to prioritize patriotism over emigration. He lamented the loss of intellectual talent at a time when the country most needed their expertise to rebuild critical sectors.
“Our intellectuals and professionals, trained with massive national resources, are leaving in large numbers for greener pastures. This brain drain weakens our ability to tackle domestic challenges,” he said.
The President assured Nigerians that his administration’s Renewed Hope Agenda is on track to deliver a brighter future, calling on all citizens to collaborate for national progress.
“There is light at the end of the tunnel. Brighter days are almost here, and we will stay committed to building a better and greater Nigeria,” Tinubu concluded.
