Nigerians led phony lifestyles before to the 2023 elimination of the gasoline subsidy, according to President Bola Tinubu.
During the Federal University of Technology Akure’s (FUTA) combined 34th and 35th convocation ceremonies in Ondo State, Tinubu stated that his twin policies of eliminating gasoline subsidies and unifying the currency rate were intended to prevent the collapse of the Nigerian economy.
In the words of 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.”
The subsidies were intended to help the poor and improve the lives of all Nigerians, he added, emphasizing that urgent measures were required to prevent the economy from collapsing.
“Unfortunately, unless immediate action was taken, the fantastic life we believed we were leading was a hoax that could bring about the complete collapse of the nation.”
The elimination of the gasoline subsidy was announced by President Tinubu on May 29, 2023. Because of this ruling, gas prices have risen to N1,000 per liter at stations all around the country. The naira is currently trading at over N1,600/$ on both the official and black markets as a result of the foreign exchange market unification that followed the elimination of subsidies. For Nigerians, these reforms have been difficult, since the cost of living in the most populous country in Africa has skyrocketed.
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In order to save our children’s futures and save the nation from impending collapse, it was imperative that the gasoline subsidy be eliminated and the currency rates be unified. I am aware that our people will suffer as a result of the difficult choices. “There should be softer options, I really hope,” Tinubu stated.
The nation’s professionals and intellectuals, on whom the nation has lavished enormous resources to train for the sake of our nation, are leaving the country in great numbers, he said, “at a time their services are most required at home.”
He stated that the syndrome is not the answer to our issues and that it is heartbreaking.
