President Bola Ahmed Tinubu has described Nigeria’s pre-2023 economy as an unsustainable facade, asserting that decisive policy actions such as subsidy removal and exchange rate unification were imperative to prevent a national economic collapse.
Speaking during the 34th and 35th convocation ceremonies of the Federal University of Technology, Akure (FUTA), the President, represented by Prof. Wahab Olasupo Egbewole, Vice Chancellor of the University of Ilorin, outlined the challenges his administration inherited.
“We assumed leadership at a time when the economy was burdened by heavy debts from fuel and dollar subsidies. These subsidies, ironically, made life harder for the average Nigerian while creating a deceptive sense of stability,” Tinubu explained.
He emphasized that the controversial decisions, while challenging in the short term, were necessary to stabilize the economy. According to Tinubu, these measures are already delivering results, with the macroeconomic environment improving and gradual progress evident in sectors that directly affect citizens.
“Our economy is shifting from a consumption-based model to one focused on production. I assure every Nigerian household that brighter days are ahead,” he said, while urging patience and continued support from the populace.
The President also highlighted strides in security and infrastructure, reiterating his administration’s resolve to create a prosperous environment for all. He called on private sector actors to collaborate with research institutions to develop practical, homegrown solutions for national challenges.
“Our universities must rise to the occasion, producing actionable research and innovations that directly improve lives,” Tinubu stated, urging researchers to align their efforts with societal needs.
Tinubu commended FUTA’s Vice Chancellor, Prof. Adenike Oladiji, for her exemplary leadership as the institution’s first female vice chancellor, while encouraging graduates to embody integrity, resilience, and innovation in contributing to national development.
In his goodwill message, Ondo State Governor, Hon. Lucky Aiyedatiwa, praised FUTA’s commitment to academic excellence and congratulated the graduates for their perseverance. “FUTA’s groundbreaking achievements and the caliber of its graduates are proof of its resilience and dedication,” he said, encouraging them to use their skills to positively impact society.
Prof. Oladiji expressed gratitude for the support received from the federal and state governments and reaffirmed FUTA’s commitment to advancing innovation and excellence. She called for strengthened collaboration between the institution and the Ondo State government to sustain its developmental strides.
Tinubu also emphasized the importance of maintaining stability in the educational sector, urging university unions to avoid disruptions and work towards shared progress. “This administration remains committed to restoring the lost glory of Nigeria’s educational system, ensuring stability and excellence in our universities,” he concluded.
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