President Bola Tinubu has described the pre-subsidy removal period in Nigeria as a time of “fake good life” that pushed the nation’s economy to the brink of collapse.

Speaking through the Vice Chancellor of the University of Ilorin, Prof. Wahab Egbewole, at the 34th and 35th combined convocation ceremonies of the Federal University of Technology, Akure (FUTA), in Ondo State, Tinubu stated that removing the petrol subsidy and unifying exchange rates were critical decisions to rescue the economy.

Tinubu argued that subsidies, though initially intended to alleviate hardship for the poor, ended up benefiting the wealthy while leaving ordinary Nigerians to endure the fallout of an unstable economy.

“As you are all aware, 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,” he said.

The president elaborated, “The subsidies were meant to support the poor and make life better for all Nigerians. However, the reality was that the poor and average Nigerians were the sufferers of what was supposed to give them succour and improve their standard of living.

“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,” he added.

Tinubu stressed that the measures to scrap the subsidy and harmonise exchange rates were necessary to safeguard the country’s future and avert economic catastrophe.

“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 explained.

He further assured Nigerians that the administration’s policies were yielding results, pointing to emerging signs of economic recovery.

“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. After rain comes sunshine. The brighter days are almost here.

“The Renewed Hope Agenda is on track, and we shall not deviate on the path of a better and greater Nigeria,” Tinubu concluded.