President Bola Tinubu declared on Thursday that Nigeria was on the brink of bankruptcy before his administration took decisive action to remove the fuel subsidy and implement critical economic reforms.
Speaking at the State House in Abuja while receiving a delegation of former National Assembly colleagues from the aborted Third Republic, Tinubu emphasized that the move was necessary to secure the future of upcoming generations.
“For 50 years, Nigeria was spending the money of generations yet unborn and servicing the West coast of our sub-region with fuel,” Tinubu stated. “It was getting difficult to plan for our children’s future.”
The President highlighted the dire economic and social challenges his administration inherited, noting that swift action was essential to prevent financial collapse. “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 said.
Tinubu also praised Nigerians for their resilience and support during the reforms, which he credited with stabilizing the exchange rate and reducing food prices, particularly during Ramadan. “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 added.
The President reiterated his belief in democracy as the surest path to achieving economic, social, and political development, commending those who uphold democratic principles. He reflected on his days in the Third Republic, which he said laid the groundwork for his current leadership.
Senator Emmanuel Nwaka, speaking on behalf of the visiting delegation, applauded the administration’s initiatives, including the Nigerian Education Loan Fund 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. Many have benefited from it,” Nwaka said. “With CREDICORP, young people can now access credit to buy cars or homes without immediate cash, which is a major step in fighting corruption.”
The delegation included other prominent figures such as Sen. Bako Musa, Terwase Orbunde, Hon. Wasiu Logun, Amina Aliyu, Obi Anoliefo, and Eze Nwauwa.