We were living a fake life before current reforms, says Tinubu

President Bola Ahmed Tinubu has characterized Nigeria’s economy before 2023 as a “facade,” emphasizing that critical policy decisions, including subsidy removal and exchange rate unification, were necessary to prevent national collapse.

Speaking at the 34th and 35th convocation ceremonies of the Federal University of Technology, Akure (FUTA), Tinubu, represented by Prof. Wahab Olasupo Egbewole, Vice Chancellor of the University of Ilorin, detailed the precarious economic conditions his administration inherited. He reiterated that while the reforms were tough, they were essential for stabilizing and revitalizing the economy.

He explained: “We took the baton of authority at a time when our economy was nose-diving due to heavy debts from fuel and dollar subsidies. These subsidies, meant to support the poor, ironically made life harder for the average Nigerian. The good life we thought we were living was a fake one capable of leading the country to total collapse unless urgent, strategic efforts were taken.”

Tinubu defended his administration’s removal of fuel subsidies and unification of exchange rates as critical moves to stabilize the economy, despite their short-term challenges.

The President expressed optimism about the outcomes of these policies, stating:

“I am glad to inform you that the results of these policies are already yielding the expected outcomes. 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 added that the economy is transitioning from consumption-driven to production-driven, promising better living standards for households nationwide.

Acknowledging the sacrifices Nigerians have had to make, Tinubu urged citizens to remain patient and supportive:

“I crave our people’s understanding and support. 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.”

The President assured citizens of improvements in national security and economic infrastructure, emphasizing his administration’s commitment to fostering prosperity.

Tinubu called on the private sector to partner with research institutions to develop homegrown solutions for the country’s challenges.

“Our tertiary and research institutions must rise to the occasion, providing solutions that improve the lives of our people and drive national progress,” he said.

He encouraged researchers to present actionable outputs to address societal issues and foster innovation.

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

The President emphasized the importance of stable and progressive educational systems, urging cooperation among university unions to avoid industrial unrest.

“This administration is committed to restoring the lost glory of the Nigerian educational system, ensuring stability and progress within our universities,” he stated.

In his goodwill message, Ondo State Governor, Hon. Lucky Aiyedatiwa, praised FUTA for its commitment to academic excellence. He congratulated the graduates and commended their perseverance.

“You have transformed FUTA into a world-class institution with groundbreaking achievements. The caliber of graduates this university consistently produces is a testament to your resilience and commitment to excellence,” he noted.

Governor Aiyedatiwa encouraged the graduates to use their knowledge and skills to positively impact society and remain exemplary ambassadors of the institution.

FUTA Vice Chancellor, Prof. Adenike Oladiji, expressed gratitude for the successful convocation ceremonies and lauded President Tinubu for his interventions in the institution. She also praised Governor Aiyedatiwa’s efforts in advancing the socio-economic development of Ondo State.

Oladiji expressed hope for strengthened collaboration between FUTA and the state government, emphasizing the importance of sustaining the institution’s growth and excellence.