President Bola Tinubu has said his administration’s economic reforms saved Nigeria from collapse.
Speaking on Thursday when he received a delegation of Third Republic national assembly lawmakers at the presidential villa, the president stated that the country had been spending the wealth of 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,” he said.
Since being sworn in to office in May 2023, the Tinubu administration has thrown up a raft of policies, comprising exchange rate unification and the removal of subsidy on petrol, with spiralling inflation to boot.
He stated that without these reforms, Nigeria would have gone bankrupt.
“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 said.
“Today, we are sitting pretty on a good foundation. We have reversed the problem. The exchange rate is stabilising. Food prices are coming down, especially during Ramadan. We will have light at the end of the tunnel.
“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.”
Responding on behalf of the delegation, Emmanuel Nwaka commended the president for the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation (CREDICORP).
“I appreciate you for what you are giving to students because the student population is the largest demographic in the country. I have spoken with many of them, and many have benefited from it,” he said.
