President Bola Tinubu has said that Nigerians were living a “fake good life” prior to the removal of the fuel subsidy.
Speaking at the 34th and 35th combined convocation ceremonies of the Federal University of Technology Akure (FUTA) in Ondo State, Tinubu, who was represented by the Vice Chancellor of the University of Ilorin, Prof. Wahab Egbewole, explained that his administration’s decision to remove the petrol subsidy and unify exchange rates was necessary to prevent the country from falling into an economic crisis.
Tinubu noted that although the subsidies were intended to support the poor, they ultimately benefitted the wealthy, leaving average Nigerians to bear the brunt 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