President Bola Ahmed Tinubu disclosed on Thursday that Nigeria was on the brink of bankruptcy before his administration initiated critical economic reforms.
Speaking at the State House in Abuja to former National Assembly members from the defunct Third Republic, Tinubu stressed that the urgent measures taken were necessary to preserve the nation’s financial stability and secure its future.
According to Tinubu, the country had been engaging in unsustainable financial practices for decades. The President acknowledged that the situation was dire when he assumed office, noting that significant economic and social hurdles required immediate attention.
“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.
Expressing appreciation for the support received from Nigerians during the implementation of these reforms, Tinubu pointed out that positive economic indicators were beginning to emerge.
“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 affirmed.
Tinubu also underlined the significance of democracy in promoting sustainable development, expressing gratitude for the citizens’ commitment to democratic values.
“I am happy that you are holding to your belief in democracy. I thank you for keeping faith and remembering how we started. Some people missed the ball. 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,” he said.
During the event, Senator Emmanuel Chiedoziem Nwaka, who led the delegation, commended the administration’s initiatives, particularly the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation (CREDICORP).
He praised the programs for providing essential support to students and young Nigerians, allowing them to access assets without relying on cash. “With the CREDICORP, you can get things done. I’m following their activities; we are delighted,” Nwaka stated.
Reports from international financial institutions, including the World Bank, corroborate Tinubu’s remarks.
Nigeria has reportedly made progress in reducing its fiscal deficit from 6.2% of GDP in the first half of the previous year to 4.4% during the same period this year, alongside improvements in the oil sector, service sectors, and foreign exchange market.
