President Bola Tinubu has asserted that Nigeria was on the brink of bankruptcy before his administration swiftly ended the fuel subsidy and implemented critical economic reforms.
Speaking at the State House in Abuja on Thursday while receiving a delegation of former National Assembly colleagues from the aborted Third Republic, Tinubu emphasized that his decisions were driven by a commitment to securing the future of the nation’s younger generations.
“For 50 years, Nigeria was spending 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,” President Tinubu said.
His Special Adviser on Information and Strategy, Bayo Onanuga, shared details of the meeting in a statement titled, ‘For 50 years, we were spending the money of generations yet unborn: President Tinubu.’
Reflecting on the economic conditions at the start of his tenure, Tinubu highlighted the urgent need for decisive action to prevent a 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 said.
The President praised Nigerians for their support of the reforms, attributing their collective efforts to the stabilization of the exchange rate and a reduction in food prices, particularly during Ramadan.
“Today, we are sitting pretty on a good foundation. We have reversed the problem; the Exchange rate is stabilising. Food prices are coming down, especially during Ramadan. We will have light at the end of the tunnel,” he added.
Tinubu reaffirmed that democracy remains the strongest vehicle for achieving Nigeria’s economic, social, and political aspirations. He also recalled the principles upheld during the Third Republic and how they have shaped his leadership today.
Speaking on behalf of the delegation, Senator Emmanuel Nwaka commended the administration’s initiatives, particularly the Nigerian Education Loan Fund and the Nigerian Consumer Credit Corporation, highlighting their impact on students and young professionals.
“I appreciate you for what you are giving to students because the student population is the largest demographic in the country. I’ve spoken with many of them, and many have benefited from it.
“And the next one is the CREDICORP. That’s a major way of fighting corruption. You see a young man, you come out of school, you want to buy a car, you have to put down cash, you want to buy a house, and you are not married, but with the CREDICORP, you can get things done. I’m following their activities; we are delighted,” he said.
Other members of the delegation included Sen. Bako Musa, Terwase Orbunde, Hon. Wasiu Logun, Amina Aliyu, Obi Anoliefo, and Eze Nwauwa.
