President Bola Tinubu on Thursday explained that his administration’s economic reforms were aimed at safeguarding the future of unborn generations.
Speaking at the State House in Abuja while receiving former National Assembly colleagues from the aborted Third Republic, Tinubu said Nigeria had been spending beyond its means for decades.
“For 50 years, Nigeria was spending money of generations yet unborn and servicing the West Coast of our subregion with fuel. It was getting difficult to plan for our children’s future,” he said in a statement by his media aide, Bayo Onanuga.
The President acknowledged the economic challenges at the start of his tenure and expressed gratitude for the support he has received in addressing them.
“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.
Despite the difficulties, Tinubu stated that progress had been made.
“Today, we are sitting pretty on a good foundation. We have reversed the problem; the exchange rate is stabilizing. Food prices are coming down, especially during Ramadan. We will have light at the end of the tunnel.”
He emphasized the importance of democracy in ensuring sustainable economic, social, and political growth.
“Some leadership failed, but we kept the faith with our democratic beliefs and freedom and the right to aspire to the highest office in the land. I am benefitting from it.”
Speaking on behalf of the delegation, Senator Emmanuel Nwaka praised Tinubu’s policies, particularly the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation (CREDICORP).
“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.
“And the next one is the CREDICORP. That’s a major way of fighting corruption. I’m following their activities; we are delighted,” he said.
Other delegation members included Sen. Bako Aufara Musa, Hon. Terwase Orbunde, Hon. Wasiu Logun, Hon. Amina Aliyu, High Chief Obi Anoliefo, and Hon. Eze Nwauwa.
