President Bola Tinubu has defended his administration’s decision to remove the oil subsidy, and stated that it was necessary to save the country from total collapse. Tinubu made this statement during the 34th and 35th combined convocation ceremonies of the Federal University of Technology Akure, Ondo State.

According to Tinubu, the removal of the subsidy has yielded positive results for the country. He acknowledged that his administration is aware of the suffering of the people but expressed assurance that there would be light at the end of the tunnel.

Tinubu stated, “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 noted that the subsidies were meant to support the poor but ultimately led to a fake sense of prosperity that could have resulted in the country’s collapse.

The president stressed that the policy has been fruitful, saying, “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.”

Tinubu also addressed the issue of brain drain, condemning the exodus of youths to overseas countries in search of greener pastures.

He encouraged Nigerians to work together to recover the country’s lost glory and virtues.

The president’s defence of the oil subsidy removal comes as his administration continues to implement economic reforms aimed at restoring confidence in Nigeria’s economy.