President Bola Tinubu on Thursday, declared that Nigeria faced imminent bankruptcy if his administration had not swiftly ended the fuel subsidy and implemented crucial economic reforms.
Receiving a delegation of former National Assembly colleagues from the aborted Third Republic at the State House in Abuja, the President explained that his actions were motivated by the need to protect the interests of future generations.
“For 50 years, Nigeria was spending money of generations yet unborn and servicing the West coast of our sub-region with fuel,” President Tinubu said, adding, “It was getting difficult to plan for our children’s future.”
Special Adviser to the President on Information and Strategy, Bayo Onanuga, revealed details of Thursday’s parley in a statement titled, ‘For 50 years, we were spending the money of generations yet unborn: President Tinubu.’
Highlighting the conditions at the outset of his administration, President Tinubu noted the social and economic challenges confronting the country, emphasizing that decisive steps were necessary 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 said.
He lauded Nigerians for rallying behind the reforms, crediting their collective support with helping to stabilise the exchange rate and lower food prices, especially 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.
According to the President, democracy remains the surest path to achieving economic, social, and political development.
He commended those who continue to hold fast to democratic principles, recalling the spirit of his days in the Third Republic and how it ultimately paved the way for his current position.
Speaking on behalf of the visiting delegation, Senator Emmanuel Nwaka expressed his appreciation for several of the administration’s initiatives, including the Nigerian Education Loan Fund and the Nigerian Consumer Credit Corporation describing them as impactful programs capable of alleviating both educational burdens and financial stress.
“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 were Sen. Bako Musa, Terwase Orbunde, Hon. Wasiu Logun, Amina Aliyu, Obi Anoliefo and Eze Nwauwa.
