According to President Bola Tinubu, the prosperous life that Nigerians were enjoying before to the elimination of fuel subsidies was "fake" and had the potential to plunge the nation into complete economic catastrophe.
According to the president, the strategic choices to eliminate fuel subsidies and harmonize currency rates were necessary to save the nation's future and bring it back from the verge of collapse.
He gave a speech over the weekend at the Federal University of Technology Akure's (FUTA) 34th and 35th joint convocation ceremonies in Ondo State.
Professor Wahab Egbewole, the vice chancellor of the University of Ilorin, spoke on behalf of the president, who stated that his administration understood the ramifications of the difficult choice to eliminate the subsidy.
“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.
“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 succor and improved standard of living.
“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.
“The need to salvage the future of our children and bring the country back from the brink of collapse necessitated the strategic decisions to remove the fuel subsidy and also unify the exchange rates,” he said.
In order "to recover our lost glory and virtues," the president urged the graduads to work together with his government.
Additionally, he denounced the widespread youth departure from the country in search of "proverbial greener pastures," noting that this behavior has resulted in brain drain across the board for the country's economy.
Many of our young people have opted for the seemingly simple route of moving to the supposedly better places where their people have stepped up to save their countries during difficult times.
“Our intellectuals and experts on whom the nation has massively invested huge resources to train in the interest of our country are migrating overseas in large numbers at a time their services are most required at home.
“It is heart-rending and the syndrome is not the solution to our problems. We are not Nigerians by accident, and I believe that the Almighty God who made us Nigerians has given us the required wisdom to turn things around for our betterment.
“The present challenges call for a high degree of patriotism and I can assure all Nigerians that there is light at the end of the tunnel. After rain comes sunshine. The brighter days are almost here. The Renewed Hope Agenda is on track and we shall not deviate on the path of better and greater Nigeria,” he said.