President Bola Tinubu has defended his administration’s economic reforms, stating that they are necessary to safeguard the interests of future generations.
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 lamented Nigeria’s past financial practices, which, he said, jeopardized the nation’s future.
“For 50 years, Nigeria was spending the 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 his government faced upon assuming office but expressed confidence in the reforms implemented so far.
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“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 stated.
President Tinubu assured Nigerians that his administration had successfully laid a solid foundation for economic recovery.
“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,” he added.
Reaffirming his commitment to democracy, he emphasised that adherence to democratic principles remains the best path to economic, social, and political progress.
“I am happy that you are holding on to your belief in democracy. I thank you for keeping faith and remembering how we started. Some leadership failed, but we kept faith in democracy, freedom, and the right to aspire to the highest office in the land. I am benefiting from it,” Tinubu said.
Speaking on behalf of the delegation, Senator Emmanuel Chiedoziem Nwaka commended the Tinubu administration for initiatives such as the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation (CREDICORP), highlighting their positive impact on Nigerians.
“I appreciate what you are doing for students because the student population is the largest demographic in the country. Many of them have benefited from it,” Nwaka noted.
He also praised CREDICORP as a significant tool in fighting corruption.
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“You see a young man coming out of school who wants to buy a car or a house. Before now, they had to put down cash. But with CREDICORP, they can access credit and get things done. We are following their activities and are delighted,” he added.
The delegation also included Senator Bako Aufara Musa, Terwase Orbunde, Wasiu Logun, Amina Aliyu, High Chief Obi Anoliefo, and Eze Nwauwa.
