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Tinubu: Fuel Subsidy Removal Will Pay Off Soon

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LAGOS – President Bola Tinubu has assured Nigerians that the removal of fuel subsidy, which has caused hardship and inflation, will yield positive results in the near future.

Tinubu, who is also the Visitor to the University of Lagos (UNILAG), made this remark on Thursday at the 54th convocation ceremony of the institution.

He was represented by the Minister of Education, Prof. Tahir Mamman (SAN).

 

Tough Decision

Tinubu admitted that the decision to remove fuel subsidies and adopt a single exchange rate for the naira was tough and has affected every sector, including education.

He said the impact could be seen in the high cost of living that has affected parents, guardians, students and other Nigerians.

However, he said the decision was necessary to address the economic challenges facing the country and to create a sustainable, clean-energy future.

 “We took some life-changing decisions including the removal of fuel subsidy and single exchange rate of the naira. There is no doubt that the actions have led to Nigerians, including parents, guardians and even students experiencing some discomfort. The decisions affected the education sector, with parents paying more for education among others.”, he said.

 

Bright Future

Tinubu expressed optimism that the pains will soon be over and that the future is bright for the country.

He stated that the government has introduced some programmes and policies to cushion the effects of the reforms and to improve the quality of education in the country.

“I can assure you that the pains will soon be over and that the future is bright. For the education sector, we are assuring you that no Nigerian child will drop out of school. It is in view of that we brought back the School Feeding Programme and also introduced the Student Loan Scheme. The loan is repayable two years after a beneficiary has completed the mandatory one-year National Youth Service Corps Scheme, NYSC.”

He also said the government is committed to granting autonomy to universities and to attracting foreign investors and partners to the education sector.

“We are also not taking higher education for granted and that is why we recently took some decisions like removing higher institutions from the Integrated Personnel and Payroll Information System, IPPIS. We are also on the agenda of autonomy for universities. Regarding the setting up and running of universities in the country, we are moving to the fourth stage, which is the internalization of the university system. The fourth stage is that we want foreign investors and foreign universities to come and set up universities here. They can also do so in partnership with our universities here.”

 

UNILAG’s Progress

Tinubu commended the management of UNILAG for contributing to the manpower development of the country and for achieving remarkable feats in research and innovation.

He said the university has attracted over N11 billion in grant income in both local and foreign currency in the year 2023 alone.

He also congratulated the graduates and urged them to use their skills and knowledge to make positive impacts on society.

“The role of academia is not only to teach and mentor students, but also to generate and disseminate knowledge that can benefit humanity. I urge you to let the world feel your impact by addressing the challenges and opportunities that abound in our society.”, he said.

Tinubu said he is confident that Nigeria will overcome its current difficulties and emerge stronger and more prosperous.

Source: Vanguard 

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