President Bola Ahmed Tinubu has assured Nigerians that the removal of fuel subsidy will bring a long- term benefit to the country.
This is even as the president challenged Nigerian public universities not to depend only on funding from the federal government but should also adopt private -public financing methods to augment their revenue.
Tinubu spoke at the grand finale of the combined 37th and 38th convocation of the University of Ilorin (UNILORIN).
On the funding of the public universities, the president said public- private financing is the trend all over the world.
This, he said, will meet the funding requirements desperately needed by universities to keep them afloat.
“It was in realisation of this that the federal government signed into law the students ‘s loan which will positively change the landscape of education in Nigeria.
“I call on corporate bodies, communities and individuals to support our universities. The practice all over the world is that public universities benefit heavily from government funding but also augment their income through private financing. A popular method is endowment. Assets are donated to them to generate investment income. Other methods of financing are tuition fees.
“Public- Private financing is the trend all over the world. With the right- mix of public and private financing, Nigerian universities can get the required resources they desperately need to elevate the level of university education in the country,” Tinubu stated.
The president commended the management of the University of Ilorin for winning numerous academic laurels and for their contributions to the growth and development of the country.
Tinubu charged the graduates to be good ambassadors of their parents, the school and the nation in their future endeavours, urging them to always go for gold in their endeavours.
Earlier, the vice chancellor of the University of Ilorin, Prof Wahab Egbewole (SAN), had said that a total of 1,457 graduands comprising 318 Ph.Ds, 88 Professional Masters , 976 Masters degrees and 75 PGDs graduated for higher degrees from the university.
Egbewole advised the graduands to always think beyond the box in seeking solutions to challenges.
On the removal of fuel subsidy, Tinubu admitted that Nigerians were facing economic challenges as a result of the subsidy withdrawal.
Represented by the minister of state for education, Dr Yusuf Tanko Sununu, Tinubu said the removal of subsidy will pave the way for investments in alternative energy sources, infrastructure, and public services that will contribute to a stronger and prosperous Nigeria.
He advised Nigerians to remain united, supporting one another and working collectively towards finding solutions to the current challenges.
“Remember, change often comes with its share of hardships, but it is through resilience and cooperation that we can shape a better future for ourselves and generations to come,” Tinubu said.