President Bola Ahmed Tinubu has explained the rationale behind his administration’s economic reforms, stating that the primary goal is to protect the interests of future generations. Speaking on Thursday at the State House in Abuja, the President emphasized the need to break away from past practices that jeopardized Nigeria’s economic 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,” President Tinubu said.
He made these remarks while receiving a delegation of former National Assembly colleagues from the aborted Third Republic, during which he served as a Senator representing Lagos West. The President highlighted the challenges his administration faced upon assuming office, particularly economic and social issues, and expressed gratitude for the delegation’s support in addressing these difficulties.
“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.
Economic Progress and Stabilization
President Tinubu noted that his administration has successfully stabilized the economy, with the exchange rate and food prices showing signs of improvement.
“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 assured.
Commitment to Democracy
The President reiterated his belief in democracy as the best path to achieving economic, social, and political development.
“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.
Delegation Applauds Key Initiatives
Senator Emmanuel Chiedoziem Nwaka, who spoke on behalf of the delegation, commended the Tinubu administration for implementing impactful programs such as 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’ve spoken with many of them, and many have benefited from it. And the next one is the CREDICORP. That’s a major way of fighting corruption. You see a young man, you come out of school, you want to buy a car, you have to put down cash, you want to buy a house, and you are not married, but with the CREDICORP, you can get things done. I’m following their activities; we are delighted,” Senator Nwaka said.
Other members of the delegation included Sen. Bako Aufara Musa, Hon. Terwase Orbunde, Hon. Wasiu Logun, Hon. Amina Aliyu, High Chief Obi Anoliefo, and Hon. Eze Nwauwa.
A Vision for Nigeria’s Future
President Tinubu’s remarks underscore his administration’s commitment to laying a solid economic foundation for Nigeria while upholding democratic principles. His focus on long-term sustainability and youth empowerment reflects a forward-looking approach to governance.
