President Bola Tinubu, in his confident style, has declared that Nigerians were living a façade of prosperity before the 2023 removal of the petrol subsidy. The president made this assertion while addressing the 34th and 35th combined convocation ceremonies at the Federal University of Technology Akure (FUTA), Ondo State, on Saturday. His remarks, though delivered through the Vice Chancellor of the University of Ilorin, Prof. Wahab Egbewole, carried his trademark bluntness, painting a bad picture of the nation’s economic past, but definitely better than what we have now
Tinubu explained that his administration’s decision to remove the petrol subsidy and unify exchange rates was not just a bold move but a necessary one to pull the country back from the brink of economic collapse. “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,” he said.
According to Tinubu, these subsidies, originally intended to support the underprivileged, became little more than a trap, draining national resources while failing to benefit those most in need.
“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 an improved standard of living,” he said.
He didn’t stop there. Tinubu added a controversial twist, claiming that the supposedly “good life” enjoyed by Nigerians before the reforms was nothing but an illusion. “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,” he said, justifying his administration’s tough economic decisions.
Nigerians might argue that the removal of subsidies and exchange rate unification have brought more pain than relief to the average Nigerian. From rising fuel prices to inflation hitting historic highs, the “drastic efforts” Tinubu mentioned feel like a sword cutting deep into the wallets of everyday citizens.
The president’s speech aligns with his administration’s ongoing narrative of tough love, a painful reset that he insists is necessary to secure Nigeria’s economic future. For now, it seems Tinubu’s version of the “fake life” Nigerians lived pre-2023 might not match the harsh reality they’re experiencing today.
