Subsidy Removal: I understand the impact of my tough choices – Tinubu

President Bola Tinubu has acknowledged the challenges caused by the removal of the oil subsidy but assured Nigerians that brighter days lie ahead.

Speaking at the 34th and 35th combined convocation ceremonies of the Federal University of Technology, Akure, Ondo State, on Saturday, Tinubu emphasized that the subsidy removal was not intended to inflict hardship but to prevent the nation’s economic collapse.

Represented by the Vice Chancellor of the University of Ilorin, Prof. Wahab Egbewole, the president explained that he assumed office at a time when the economy was in a steep decline.

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 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.

“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.”

Stressing that the policy has been fruitful, Tinubu stated, “The macro-economy of our dear country is improving by the day and beyond expectations. The micro-economy, which directly affects our citizens, is also taking shape gradually with positive results. We are now graduating from consumption to production economy in every facet of our human endeavours. By the grace of the Almighty God, every household will experience a better life and have brighter hope for the future.

“The present challenges call for a high degree of patriotism and I can assure all Nigerians that there is light at the end of the tunnel. After rain comes sunshine. The brighter days are almost here. The Renewed Hope Agenda is on track, and we shall not deviate on the path of better and greater Nigeria.