President Bola Ahmed Tinubu
We were living ‘fake life’ before fuel subsidy removal, Forex rate unification – Tinubu
President Bola Tinubu has acknowledged the harsh impact of his administration’s decisions to remove fuel subsidy and unify the exchange rate but emphasised that these steps were crucial to prevent Nigeria from economic collapse.
Speaking at the 34th and 35th combined convocation ceremony of the Federal University of Technology, Akure (FUTA), Tinubu admitted he wished there were easier alternatives.
However, he described the previous economic state as a “fake good life” that could have led to total collapse without urgent intervention
“The strategic decision to remove fuel subsidies and unify the exchange rate was taken to salvage the country’s future and pull it back from the brink,” Tinubu said, noting that the policies are already yielding positive results.
Represented by Professor Wahab Egbewole, Vice-Chancellor of the University of Ilorin, the President expressed optimism about the economy.
He stated that while Nigeria’s macro economy is improving beyond expectations, the microeconomic framework is gradually stabilizing, steering the country from a consumption-driven to a production-based economy.
Tinubu also encouraged homegrown solutions to Nigeria’s challenges, urging researchers to present innovations that could enhance the well-being of citizens.
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He reiterated his administration’s commitment to creating an environment where research and production can thrive across various sectors.
He said: “Our tertiary and research institutions are much more relevant at this time. The present economic situation in our country requires our institutions to join our efforts towards giving a better life to our people and making ourselves a prosperous nation.
“I call on the organized private sector to collaborate with our research institutions to develop and replicate our research outputs for the benefit of our citizens and improvement of the economy.
“Our intellectuals and experts on whom the nation has massively invested huge resources to train in the interest of our country are migrating overseas in large numbers at a time when their services are most required at home. It is heart-rending and the syndrome is not the solution to our problems.
“This administration is committed to restoring the lost glory of the Nigerian educational system devoid of industrial unrest occasioned by students’ and staff unions’ protests and strikes.”
Ondo State Governor, Lucky Aiyedatiwa, said his administration would continue to work with the institution to promote education, innovation, and progress in the state.
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He said his administration has demonstrated great commitment to the development of education.
“We prioritise the welfare of the State-owned tertiary, secondary, and primary institutions in terms of budgetary provisions, regular salaries, and financial interventions in their critical needs with a view to promoting academic excellence. We shall do much more in the coming years.”
Vice Chancellor of the University, Professor Adenike Temidayo Oladiji, said 6,405 graduands got their first degrees while 1,280 got their postgraduate degrees.
Three Professors, Adebisi M. Balogun, Emmanuel Akinyele Olusegun Laseinde, and Labunmi Lajide were appointed Professor Emeriti.
Honorary degrees were conferred on Professor Daniel O. Olukoya, Mr. Joel Ogunsola, and Mr. Ayorinde O. Ogunruku.
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