By Eshioromeh Sebastian, Abuja
President Bola Ahmed Tinubu on Thursday defended his administration’s sweeping economic reforms, framing them as essential measures to protect the future of Nigeria’s children and generations yet unborn.
Speaking at the State House in Abuja, the President delivered a candid assessment of the nation’s past fiscal practices and the urgent steps taken to avert economic collapse.
“For 50 years, Nigeria was spending the money of generations yet unborn and servicing the West Coast of our subregion with fuel. It was becoming increasingly difficult to plan for our children’s future,” President Tinubu declared.
The President made these remarks while receiving a delegation of former National Assembly colleagues from the aborted Third Republic, a period during which he served as a Senator representing Lagos West.
He reflected on the daunting challenges his administration inherited, including a fragile economy and mounting social pressures.
“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 did. We had to act decisively to prevent the economy’s collapse,” he stated.
President Tinubu expressed gratitude to Nigerians for their resilience and support, which he credited for the progress made so far.
“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.
The President also stressed the importance of democracy as the bedrock of Nigeria’s 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 leadership failed, but we kept the faith with our democratic beliefs, freedom, and the right to aspire to the highest office in the land. I am benefitting from it,” he said.
Senator Emmanuel Chiedoziem Nwaka, who spoke on behalf of the delegation, commended the Tinubu administration for its transformative initiatives, particularly 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,” Senator Nwaka said.
He also praised CREDICORP for its potential to empower young Nigerians, stating, “That’s a major way of fighting corruption. Young people can now aspire to own homes and cars without the burden of upfront cash payments. We are delighted.”
The delegation included prominent figures such as Sen. Bako Aufara Musa, Hon. Terwase Orbunde, Hon. Wasiu Logun, Hon. Amina Aliyu, High Chief Obi Anoliefo, and Hon. Eze Nwauwa.
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