Tinubu Justifies Removal of Fuel Subsidy, Claims It Was Necessary to Avoid Economic Collapse

President Bola Tinubu has defended the removal of fuel subsidies and the unification of Nigeria’s exchange rate, calling these measures crucial to prevent the country from facing an economic collapse. Speaking at the 34th and 35th combined convocation ceremony of the Federal University of Technology, Akure (FUTA), Tinubu, represented by Professor Wahab Egbewole, the Vice-Chancellor of the University of Ilorin, expressed confidence in the country’s economic recovery....CONTINUE READING>>>

Tinubu acknowledged the immediate hardships these reforms have caused but assured that they would lead to long-term economic stability. He described the former economic situation as an unsustainable “fake good life” that posed a real risk of total collapse.

He emphasized that the decision to remove subsidies and unify the exchange rate was vital for securing the nation’s future. Tinubu also pointed out early signs of progress, such as improvements in Nigeria’s macroeconomic indicators and steps toward stabilizing the microeconomic landscape.

The President urged researchers and academics to contribute innovative, homegrown solutions to the nation’s challenges. He highlighted the importance of collaboration between the private sector and research institutions to ensure that research outcomes benefit both the people and the economy.

Tinubu also expressed concern over the emigration of Nigeria’s skilled professionals, noting the negative impact this trend has on the country’s development, as these experts are needed more than ever at home.