Newscenter Media News President Bola Ahmed Tinubu has described Nigeria’s pre-2023 economic condition as unsustainable, characterizing it as a facade that masked the nation’s financial struggles. He emphasized that his administration’s bold policy changes, such as the removal of fuel subsidies and the unification of exchange rates, were critical to averting economic collapse.
Speaking through the Vice Chancellor of the University of Ilorin, Prof. Wahab Olasupo Egbewole, during the 34th and 35th convocation ceremonies of the Federal University of Technology, Akure (FUTA), Ondo State, the President highlighted the dire state of the nation’s economy when he assumed office.
“We took the baton of authority at a time when our economy was nose-diving due to heavy debts from fuel and dollar subsidies,” Tinubu stated. “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 decision to implement challenging economic policies, stressing that the short-term difficulties were necessary to lay the foundation for a sustainable economy.
“I am glad to inform you that the results of these policies are already yielding the expected outcomes,” he said. “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 assured Nigerians that the economy is gradually shifting from a consumption-driven model to one focused on production, promising improved living standards across the nation.
Acknowledging the sacrifices Nigerians have made, Tinubu urged for patience and understanding as his administration works toward economic recovery.
“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 said.
Tinubu reaffirmed his government’s commitment to addressing national security concerns and upgrading economic infrastructure, reiterating the importance of collaboration between the government and private sector to tackle 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 added.
The President commended FUTA’s Vice Chancellor, Prof. Adenike Oladiji, for her trailblazing leadership as the institution’s first female vice chancellor and congratulated the graduating students. He urged them to become nation-builders, embodying hard work, integrity, and resilience.
Ondo State Governor, Hon. Lucky Aiyedatiwa, also spoke during the convocation, lauding FUTA’s consistent academic excellence and its role in shaping future leaders.
“You have transformed FUTA into a world-class institution with groundbreaking achievements,” Aiyedatiwa said. “The caliber of graduates this university consistently produces is a testament to your resilience and commitment to excellence.”
Tinubu pledged to restore Nigeria’s educational system to its former glory, emphasizing the need for stable and progressive university environments.
“This administration is committed to restoring the lost glory of the Nigerian educational system, ensuring stability and progress within our universities,” he said, while urging academic unions to cooperate with the government to prevent industrial disputes.
FUTA Vice Chancellor, Prof. Oladiji, expressed gratitude for the President’s interventions in the institution and praised the collaborative efforts of Governor Aiyedatiwa in promoting Ondo State’s development. She reaffirmed the university’s commitment to maintaining excellence and fostering innovation.
As Nigeria navigates its economic recovery, Tinubu’s appeal for unity and shared responsibility underscores his administration’s determination to create a sustainable future for the nation.
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