President Bola Tinubu says his administration is committed to remodelling institutions of higher learning to achieve the purpose for which they were established.
The president stated this on Day 3 of the 54th convocation of the University of Lagos, on Thursday.
The visitor to the university, who was represented by the Minister of Education, Prof. Tahir Mamman, noted that institutions, especially universities, were central to the attainment of a new Nigeria.
According to him, there is a need for all the support and necessary changes to be put in place to make the country achieve the desired aim of Nigerians as a people.
“We have done well in infrastructure and culturally, and we need to be proud of who we are and what we represent as a people.
“Let me commend all the organs of this university that, through doggedness, have made commitments that led to today’s ceremony.
“I am confident that with the quality of teaching and research that the university has instilled in our graduating students, they are now all well-positioned to compete and interact effectively with their counterparts globally.
“Let me also salute the three distinguished professionals who were conferred with honorary degrees from the university for their outstanding contributions to national development.
“Since I assumed office, my administration has continued to dialogue and consult with relevant stakeholders, groups, and bodies to remodel our economy to bring about growth and development,” he said.
The president noted that, as a result, this implied that his administration had needed to make tough, life-changing decisions.
According to him, the removal of the fuel subsidy by his administration is one such necessary action, as it can no longer justify its ever-increasing costs.
He noted that there was a need, therefore, to also rechannel the funds into better investments in public infrastructure, education, and critical social needs to improve the lives of citizens.
“I am confident that we will weather the storm soon. The economic challenges of the country, which affected everyone, were such that we must take the bull by the horns now, not later.
“We have a future that must be carefully nurtured; hence, necessary machinery and decisions must be put in place to take us to the destination of our dream,” he stated.
According to him, to mitigate the challenges of the removal of the fuel subsidy, his administration has signed the student loan bill into law.
He noted that under this initiative, indigent students would have access to interest-free loans to see them through their stay in government-owned institutions.
The president added that the beneficiaries were expected to pay back the borrowed sum as soon as they started working, two years after the mandatory national service.
“It is our policy that no Nigerian child must fail to go to school due to poverty,” he said.