President Bola Tinubu has described the era before the removal of the fuel subsidy as a period when Nigerians were living a “fake good life” that almost crashed the nation’s economy.
Tinubu, represented by the Vice Chancellor of the University of Ilorin, Prof. Wahab Egbewole, while speaking at the 34th and 35th combined convocation ceremonies of the Federal University of Technology, Akure (FUTA), in Ondo State, stated that the removal of the petrol subsidy and the unification of exchange rates were essential steps to save the economy.
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According to Tinubu, while subsidies were originally designed to support the poor, they disproportionately benefited the wealthy, leaving the average Nigerian to suffer the consequences of a fragile economy.
He explained, “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…