Undaunted by criticisms of the economic policies of his administration, President Bola Tinubu has justified the removal of the fuel subsidy and the unification of the exchange rate.
The president who rated the nation’s economy before his ascension of power in May 2023 as dying commended the two policies as necessary steps to avert an economic disaster.
President Tinubu gave the credible performance rating of his economic policies at the weekend during the 34th and 35th combined convocation ceremony at the Federal University of Technology, Akure (FUTA).
Represented by Professor Wahab Egbewole, Vice-Chancellor of the University of Ilorin, Tinubu, though acknowledged the immediate hardships caused by these reforms, he expressed optimism that Nigerians will reap the long-term benefits.
He castigated the nation’s economy prior to 2023 as a “fake good life” that was unsustainable and posed risks of a total collapse.
“The strategic decision to remove fuel subsidies and unify the exchange rate was taken to salvage the country’s future and pull it back from the brink,” he said.
He noted that the measures have already started yielding results, citing improvements in Nigeria’s macroeconomic environment and progress toward stabilizing the microeconomic framework.
The President called on researchers and academics to develop innovative, homegrown solutions to address the country’s challenges.
The president said “Our tertiary and research institutions are much more relevant at this time… I call on the organized private sector to collaborate with our research institutions to develop and replicate our research outputs for the benefit of our citizens and the economy.”
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