Before the 2023 elimination of the gasoline subsidy, Nigerians, according to President Bola Tinubu, led phony lives.
At the 34th and 35th convocation ceremonies of the Federal University of Technology Akure (FUTA) in Ondo State, Tinubu stated that his twin policies of eliminating gasoline subsidies and unified exchange rates were intended to prevent the collapse of the Nigerian economy.
Through Wahab Egbewole, vice-chancellor of the University of Ilorin, Tinubu stated, “We took the baton of authority at a time when our economy was nose-diving due to heavy debts from fuel and dollar subsidies.”
He emphasized that urgent measures were required to prevent the economy from collapsing and stated that the subsidies were intended to help the impoverished and improve the lives of all Nigerians.
“Sadly, the good life we believed we were leading was a lie that, if drastic measures weren’t taken immediately, could bring the nation to its complete collapse.”
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On May 29, 2023, President Tinubu declared the elimination of the gasoline subsidy. Due to this decision, gas prices at filling stations all around the country have risen above N1,000 per liter. The removal of subsidies was followed by the unification of the foreign exchange market, which has caused the naira to trade at more than N1,600/$ on both the official and black markets. Nigerians have suffered from both reforms, which have caused the cost of living in the most populous country in Africa to skyrocket.
“Removing the fuel subsidy and bringing the country back from the verge of collapse required strategic decisions in order to save our children’s futures and stabilize the exchange rates.” I am mindful of how the difficult choices will affect our people. Tinubu stated, “I genuinely hope there are softer options available.”
He pointed out that a significant number of the country’s experts and intellectuals, in whom our nation has lavished enormous resources to train, are leaving the country “at a time their services are most required at home.”
“The syndrome is not the answer to our problems, and it is heartbreaking,” he stated.
