President Bola Tinubu has stated that Nigeria faced imminent bankruptcy before his administration swiftly removed the fuel subsidy and imp...
President Bola Tinubu has stated that Nigeria faced imminent bankruptcy before his administration swiftly removed the fuel subsidy and implemented key economic reforms.
Speaking on Thursday while receiving a delegation of former National Assembly colleagues from the aborted Third Republic at the State House in Abuja, Tinubu emphasised that his actions were necessary to protect future generations.
“For 50 years, Nigeria was spending the money of generations yet unborn and servicing the West Coast of our sub-region with fuel. It was getting difficult to plan for our children’s future,” he said.
Tinubu, who took office in May 2023, described the economic situation at the time as dire, insisting that tough decisions had to be made to prevent financial collapse.
“We faced serious headwinds when I took over, very challenging times. Nigeria would have been bankrupt if we had not taken the actions that we took, and we had to prevent the economy’s collapse,” he stated. The President commended Nigerians for supporting his reforms, attributing the recent stabilisation of the exchange rate and declining food prices to their resilience.
“Today, we are sitting pretty on a good foundation. We have reversed the problem; the exchange rate is stabilising, and food prices are coming down, especially during Ramadan. We will have light at the end of the tunnel,” he assured.
Tinubu reiterated that democracy remains the surest path to economic, social, and political progress, praising those who continue to uphold democratic values.
He reflected on his political journey, recalling how his time in the Third Republic shaped his leadership. Speaking on behalf of the delegation, Senator Emmanuel Nwaka lauded Tinubu’s economic initiatives, including the Nigerian Education Loan Fund and the Nigerian Consumer Credit Corporation, describing them as programs capable of easing financial burdens.
“I appreciate you for what you are giving to students because the student population is the largest demographic in the country. Many have benefited from it,” Nwaka said.
He also praised the newly established credit system, CREDICORP, which allows young professionals to access financial support for essential purchases like cars and houses.
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