Tinubu: Nigeria Was Living a “F@ke Life” Before 2023
President Bola Ahmed Tinubu has described the state of the Nigerian economy before his administration as unsustainable, asserting that tough decisions like subsidy removal and exchange rate unification were necessary to save the nation. Speaking through the Vice Chancellor of the University of Ilorin, Prof. Wahab Olasupo Egbewole, at the 34th and 35th convocation ceremonies of the Federal University of Technology, Akure (FUTA), Tinubu explained that the policies were taken to stabilize the economy.
He revealed that when he assumed office, the Nigerian economy was in cr!s!s due to heavy debts from subsidies on fuel and foreign exchange. He said:
“The good life we thought we were living was a f@ke one capable of leading the country to total collapse unless urgent, strategic efforts were taken.”
The removal of fuel subsidies and the unification of exchange rates have caused hardships for many Nigerians. However, Tinubu insisted these measures were critical for long-term growth. He shared optimism about the progress being made:
“The macro-economy of our country is improving daily, and the micro-economy, which directly impacts citizens, is also taking shape with positive results.”
The President noted that the economy is transitioning from a consumption-driven to a production-driven model, which he believes will improve living standards for Nigerians. While acknowledging the sacrifices citizens are making, he urged for patience and understanding.
“We hold the power on your behalf, and we are here because of you. We listen and attend to your yearnings, striving to create an environment where every Nigerian matters.”
In strengthening education and research, Tinubu also used the occasion to call for partnerships between the private sector and research institutions. He emphasized the need for homegrown solutions to Nigeria’s challenges, stating:
“Our tertiary and research institutions must rise to the occasion, providing solutions that improve the lives of our people and drive national progress.”
The President lauded FUTA’s Vice Chancellor, Prof. Adenike Oladiji, for her role as the inaugural female vice chancellor of the institution. He likewise commended the graduating students, encouraging them to uphold integrity and perseverance while aiding in national development.
“This government is dedicated to reclaiming the former greatness of the Nigerian education system, promoting stability and advancement in our universities,” Tinubu stated.
Ondo State Governor, Hon. Lucky Aiyedatiwa, commended FUTA for maintaining high academic standards and producing world-class graduates. Addressing the graduates, he encouraged them to use their skills to positively impact society.
“You have transformed FUTA into a world-class institution with groundbreaking achievements,” he remarked.
In spite of the existing economic difficulties, Tinubu guaranteed Nigerians that his government is striving to enhance security and infrastructure. He encouraged the populace to stay optimistic and support current reforms. Highlighting that brighter days are on the horizon. Stakeholders recognized and encouraged FUTA’s role in promoting academic excellence and advancing national development.
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