President Bola Ahmed Tinubu has justified his administration’s economic reforms, stating that they were necessary to safeguard the interests of future generations.
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Speaking on Thursday at the State House in Abuja while receiving a delegation of former National Assembly colleagues from the aborted Third Republic—where he served as a senator representing Lagos West—Tinubu reflected on Nigeria’s past financial decisions.
“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,” he said.
The President acknowledged the economic and social challenges that marked the beginning of his administration, stressing that urgent reforms were required to prevent a national financial crisis.
“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.”
Tinubu expressed confidence in his government’s ability to reverse Nigeria’s economic downturn, thanking Nigerians for their resilience.
“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.”
Reaffirming his commitment to democratic governance, Tinubu noted that democracy remains the best path to economic, social, and political progress.
“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, freedom, and the right to aspire to the highest office in the land. I am benefitting from it.”
Speaking on behalf of the delegation, Senator Emmanuel Chiedoziem Nwaka commended the Tinubu administration’s policies, 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.
“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.”
Other members of the delegation were 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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