President Bola Ahmed Tinubu recently remarked that the standard of living many Nigerians perceived as “good” before the removal of the fuel subsidy was unsustainable and “fake,” as it risked leading the country to economic collapse. Speaking at the combined convocation ceremony of the Federal University of Technology Akure (FUTA), Tinubu justified the subsidy removal and exchange rate unification as critical measures to stabilize Nigeria’s economy.
He noted that the subsidies, intended to aid the poor, instead primarily benefited a few and imposed a heavy financial burden on the nation. Tinubu acknowledged the hardships resulting from these reforms but emphasized their necessity for securing Nigeria’s economic future. He highlighted that his administration is working to shift the economy from consumption-based to production-focused and expressed optimism about improving macroeconomic indicators and long-term benefits for Nigerians.
