Yemi Obafemi
President Bola Ahmed Tinubu has said the removal of fuel subsidy was necessary to bring the country back from the brink of collapse and unify the exchange rates.
He said this while speaking at the 34th and 35th combined convocation ceremonies of the Federal University of Technology Akure (FUTA) in Ondo state on Saturday.
Tinubu who was represented by the Vice Chancellor of the University of Ilorin, Prof Wahab Egbewole, said the subsidies were meant to support the poor and make life better for all Nigerians and he is aware of the consequences of the tough decisions on Nigerians.
He said: “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.”
“The subsidies were meant to support the poor and make life better for all Nigerians. We are all aware of the fact that the poor and average Nigerians were the sufferers of what was supposed to give them succour and an improved standard of living.
“Unfortunately, the good life we thought we were living was a fake one that was capable of leading the country to a total collapse unless drastic efforts were urgently taken.”
Removal of fuel subsidy will unify exchange rate“The need to salvage the future of our children, and bring the country back from the brink of collapse necessitated the strategic decisions to remove the fuel subsidy and also unify the exchange rates. I am not unaware of the consequences of the tough decisions on our people. I sincerely wish there could be softer options.”
