President Bola Ahmed Tinubu addressed the pressing need for economic reforms during a meeting with National Assembly colleagues at the State House in Abuja. He emphasized that the primary goal of his administration’s policies is to safeguard the interests of future generations, highlighting the urgent need for fiscal responsibility.
“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,” President Tinubu stated. He reflected on the numerous challenges that his administration faced upon taking office, particularly concerning economic and social stability.
Expressing gratitude for the support from the delegation of National Assembly members from the aborted Third Republic, he articulated the significant risks that could have led Nigeria to bankruptcy without decisive actions taken by his administration. “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 noted.
The President assured the public that the administration has made strides in stabilizing the economy. “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 declared.
Emphasizing the importance of democracy, President Tinubu remarked, “Firm adherence to democratic tenets is the best route to economic, social, and political development.” He expressed his appreciation for the support shown by the delegation, which included Senator Emmanuel Chiedoziem Nwaka. Nwaka praised the government’s initiatives such as the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation (CREDICORP), stating, “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.”
The meeting concluded with a sense of optimism as President Tinubu reiterated his commitment to fostering a robust democratic process and a thriving economy for the benefit of all Nigerians, as reported by Bayo Onanuga, Special Adviser to the President (Information & Strategy).
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