Tinubu: Without Economic Reforms, Nigeria Would Have Crashed InTo Financial Ruin

During a meeting with former National Assembly colleagues from the defunct Third Republic at the State House in Abuja, Tinubu explained that these urgent reforms were critical to securing the nation’s financial future and protecting the well-being of future generations.

“For 50 years, Nigeria was spending the wealth of unborn generations and subsidizing fuel for the West Coast of our sub-region,” Tinubu said. “It became increasingly difficult to plan for our children’s future.”

Bayo Onanuga, the Special Adviser to the President on Information and Strategy, highlighted the president’s comments in a statement titled, For 50 years, we were spending the money of generations yet unborn: President Tinubu.

Reflecting on the challenges he faced upon assuming office, Tinubu noted the severe economic and social issues plaguing the country, emphasizing that bold measures were necessary to prevent a financial collapse.

“We faced serious headwinds when I took over—very challenging times. Nigeria would have gone bankrupt if we hadn’t taken the actions we did; we had to prevent the economy from collapsing,” he remarked.

The president credited the resilience of Nigerians and their support for his policies, acknowledging that their sacrifices have played a vital role in recent economic improvements, particularly in stabilizing the exchange rate and lowering food prices.

“Today, we stand on a strong foundation. The exchange rate is stabilizing, and food prices are decreasing, especially during Ramadan. There is light at the end of the tunnel,” he assured.

Tinubu reaffirmed his commitment to democracy, describing it as the best pathway for Nigeria’s economic, social, and political progress. He also praised those who have stood firm in upholding democratic principles, recalling his experiences in the Third Republic and how they shaped his political journey.

Senator Emmanuel Nwaka, speaking on behalf of the visiting delegation, commended the administration’s initiatives, particularly the Nigerian Education Loan Fund and the Nigerian Consumer Credit Corporation (CREDICORP), for their roles in alleviating financial pressures on citizens.