By Ali Elias
President Bola Ahmed Tinubu reiterated the reasons behind his administration’s decision to remove the controversial fuel subsidy, emphasizing its necessity to salvage Nigeria’s future. Speaking through the Vice Chancellor of the University of Ilorin, Professor Wahab Egbewole, Tinubu addressed the 34th and 35th combined convocation ceremonies of the Federal University of Technology Akure (FUTA) in Ondo State over the weekend.
“The subsidies were meant to support the poor and make life better for all Nigerians. Unfortunately, the poor and average Nigerians were the sufferers of what was supposed to give them succor,” Tinubu explained, adding that the fake economic comfort created by subsidies was unsustainable. “The need to salvage the future of our children and bring the country back from the brink of collapse necessitated the strategic decisions to remove the fuel subsidy and also unify the exchange rates,” he said.
Early Gains of Subsidy Removal
President Tinubu assured the audience that the tough decision was already yielding positive results. “Nigeria’s macro economy is improving beyond expectations, and the micro-economic framework is gradually stabilizing,” he noted. He expressed confidence that the changes were steering the country from a consumption-driven economy toward a production-focused one.
The President also called on the graduands to support his administration in rebuilding the nation. “Join hands with us to recover our lost glory and virtues,” he urged.
Addressing Youth Exodus and Brain Drain
Tinubu condemned the ongoing mass exodus of Nigerian youths seeking better opportunities abroad, lamenting the detrimental effects of brain drain on the country’s development. He stated, “Our intellectuals and experts on whom the nation has massively invested huge resources to train are migrating overseas in large numbers at a time their services are most required at home.”
He appealed for patriotism, urging Nigerians to stay and contribute to nation-building. “The present challenges call for a high degree of patriotism, and I can assure all Nigerians that there is light at the end of the tunnel. The brighter days are almost here,” he said, adding that the Renewed Hope Agenda is on track to deliver a better and greater Nigeria.
FUTA Celebrates Academic Excellence
The Vice Chancellor of FUTA, Professor Adenike Oladiji, highlighted the achievements of the institution during the convocation. She announced that a total of 6,405 students graduated across nine schools of study from the combined 2022/2023 and 2023/2024 academic sessions. Of these, 519 earned First Class honors, while 3,408 received Second Class Upper Division degrees.
“Our mandate is to carry out adequate learning and teaching, with research works for the development of the society,” Oladiji said, adding that FUTA had recorded significant achievements in various human endeavors.
A Call for Collective Action
Tinubu’s remarks underscored the importance of making hard decisions for long-term national benefits. While acknowledging the immediate challenges posed by subsidy removal and exchange rate unification, he called for unity and collective effort in addressing Nigeria’s issues. His appeal to the youth and all stakeholders highlights the critical role every Nigerian must play in achieving sustainable development and a brighter future.