President Bola Tinubu on Thursday defended his administration’s economic reforms, stating that they were essential to securing Nigeria’s future and averting financial collapse.
Speaking at the State House in Abuja while receiving a delegation of his former National Assembly colleagues from the aborted Third Republic, Tinubu emphasized the need for bold action to correct decades of unsustainable fiscal policies.
“For 50 years, Nigeria was spending the money of generations yet unborn while also servicing the West African subregion with fuel. It was becoming increasingly difficult to plan for our children’s future,” the president said.
A statement by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, noted that Tinubu acknowledged the economic and social difficulties that marked the beginning of his tenure but expressed gratitude for the delegation’s support.
“We faced serious headwinds when I took over—very challenging times. Nigeria would have been bankrupt if we had not taken the actions we did to prevent economic collapse,” he stated.
Despite these challenges, Tinubu expressed optimism about Nigeria’s economic trajectory, citing improvements in the foreign exchange market and food prices.
“Today, we are sitting on a good foundation. We have reversed the problems. The exchange rate is stabilizing, and food prices are coming down, especially during Ramadan. There is light at the end of the tunnel,” he assured.
Reaffirming his commitment to democracy, Tinubu noted that adherence to democratic principles remains the best path to sustainable economic, social, and political development.
“I am happy that you still believe in democracy. Some people lost focus, and some leaderships failed, but we remained steadfast in our democratic values and freedoms. I am a beneficiary of that commitment,” he added.
Speaking on behalf of the delegation, Senator Emmanuel Chiedoziem Nwaka commended Tinubu’s administration for initiatives such as the Nigerian Education Loan Fund, NELFUND, and the Nigerian Consumer Credit Corporation, CREDICORP.
“I appreciate what you are doing for students, as they represent the largest demographic in the country. Many have already benefited from these programs,” Nwaka said.
He also praised CREDICORP’s role in enabling young Nigerians to access credit, reducing the financial burden on individuals striving for economic stability.
Other members of the delegation included Senator Bako Aufara Musa, Hon. Terwase Orbunde, Hon. Wasiu Logun, Hon. Amina Aliyu, High Chief Obi Anoliefo, and Hon. Eze Nwauwa.
