Malik Yahya/
President Bola Ahmed Tinubu has shed light on the economic realities that necessitated his administration’s bold reforms, revealing that for half a century, Nigeria was spending resources meant for future generations while subsidizing fuel costs across the West African subregion.
Speaking at the State House in Abuja yesterday while receiving a delegation of his former National Assembly colleagues from the aborted Third Republic, President Tinubu underscored the urgency of his government’s economic decisions, stating that they were crucial to preventing national bankruptcy.
“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.
The President acknowledged the economic and social challenges faced at the start of his administration but assured Nigerians that the worst was over. He emphasized that recent policy shifts had begun yielding positive results, particularly in stabilizing the exchange rate and curbing food inflation.
“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,” Tinubu said. “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.”
Reaffirming his commitment to democratic governance as the pathway to national progress, the President expressed gratitude to his former legislative colleagues for their continued support.
In response, Senator Emmanuel Chiedoziem Nwaka, who spoke on behalf of the delegation, lauded the administration’s impactful initiatives, particularly the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation (CREDICORP). He noted that these programs were positively transforming the lives of 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. Many have benefited from it,” Nwaka said. He also hailed CREDICORP as a major tool in combating corruption by offering young Nigerians structured financial support for essential purchases such as housing and vehicles.
Other members of the visiting delegation included Sen. Bako Aufara Musa, Hon. Terwase Orbunde, Hon. Wasiu Logun, Hon. Amina Aliyu, High Chief Obi Anoliefo, and Hon. Eze Nwauwa.
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