President Bola Tinubu has raised concerns over Nigeria’s economic practices over the last fifty years, describing them as detrimental to the nation’s financial future.
Speaking at the State House in Abuja during a meeting with former National Assembly members from the aborted Third Republic, the President underscored the need for immediate reforms to avoid national bankruptcy.
According to Tinubu, Nigeria’s previous economic policies were unsustainable, with the country depleting resources meant for future generations.
“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,” Tinubu said.
Since assuming office in May 2023, the President noted that he had encountered significant economic challenges that required decisive measures to prevent the nation’s collapse.
Highlighting the urgency of his administration’s actions, he stated, “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.”
Acknowledging the patience and resilience of Nigerians throughout the reform process, Tinubu remarked on the positive outcomes of the new economic policies.
He noted, “Today, we are sitting pretty on a good foundation. We have reversed the problem; the exchange rate is stabilizing, and food prices are coming down, especially during Ramadan. We will have light at the end of the tunnel.”
Reflecting on the importance of democratic principles in fostering sustainable development, Tinubu appreciated the dedication of his colleagues to the democratic cause.
“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,” he stated.
Speaking on behalf of the delegation, Senator Emmanuel Chiedoziem Nwaka praised the administration’s economic reforms aimed at easing financial burdens on Nigerians.
He particularly applauded initiatives such as the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation (CREDICORP), designed to assist 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 remarked.
