President Bola Tinubu has defended his administration’s tough economic policies, particularly the removal of fuel subsidies, asserting that the pre-subsidy removal period was a “fake good life” that was unsustainable and could have led Nigeria to economic collapse.

The President made these remarks during the 34th and 35th 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 Olasupo Egbewole, emphasized the state of the Nigerian economy when he took office, highlighting the severe economic challenges posed by fuel and dollar subsidies.

Tinubu explained that subsidies, originally intended to ease life for the poor, were instead draining the nation’s resources and exacerbating economic difficulties. He described the economy at the time as “nose-diving,” with mounting debts and unsustainable practices. “The good life we thought we were living was a fake one,” he said, noting that without intervention, the country would have faced total economic collapse.

Despite the short-term pain caused by the subsidy removal and the unification of exchange rates, Tinubu expressed confidence that these moves are essential for stabilizing the economy in the long run. He reassured the nation that these policies are already beginning to produce positive results. “The macro-economy of our country is improving daily, and the micro-economy, which directly impacts citizens, is also taking shape with positive results,” he said.

The President also emphasized the shift from a consumption-driven to a production-driven economy, promising that this would lead to better living standards for Nigerians.

Acknowledging the sacrifices made by Nigerians, Tinubu urged the public to remain patient and supportive of the government’s efforts. He assured citizens that his administration is focused on improving national security, economic infrastructure, and fostering prosperity for all Nigerians. “We hold the power on your behalf, and we are here because of you,” he stated.

Tinubu also urged the private sector to collaborate with research institutions to develop homegrown solutions to Nigeria’s challenges. He called on tertiary and research institutions to step up and provide actionable solutions that can improve the lives of citizens and drive national progress.

In his speech, Tinubu lauded FUTA’s Vice Chancellor, Prof. Adenike Oladiji, for her leadership, particularly as the institution’s first female vice chancellor. He congratulated the graduating students and encouraged them to contribute to national development by embodying integrity, hard work, and resilience.

Ondo State Governor, Hon. Lucky Aiyedatiwa, praised FUTA for its academic excellence and groundbreaking achievements. He urged the graduates to use their knowledge to positively impact society. FUTA’s Vice Chancellor, Prof. Oladiji, expressed gratitude for Tinubu’s interventions in the institution and hoped for continued collaboration with the state government to sustain the university’s growth and excellence.

Tinubu concluded by stressing the importance of restoring stability and progress within Nigeria’s educational system. He urged cooperation among university unions to prevent industrial unrest and ensure the continued success of the education sector. His administration is committed to “restoring the lost glory” of Nigeria’s universities.

President Tinubu’s comments highlight his ongoing commitment to the economic transformation of Nigeria, despite the difficulties that his policies may have caused in the short term. His administration appears focused on long-term structural reforms aimed at stabilizing the economy and fostering sustainable growth.