President Bola Tinubu stated that Nigeria faced potential bankruptcy before his government ended fuel subsidies. He emphasized the need for reforms to safeguard future generations and acknowledged the support of the populace during the transition. Tinubu highlighted the importance of democracy and the impact of educational initiatives on the country’s youth.
President Bola Tinubu recently stated that Nigeria was on the brink of bankruptcy before his administration eliminated the fuel subsidy and initiated essential economic reforms. During a meeting at the State House in Abuja with former National Assembly colleagues, he emphasized the need to safeguard future generations from financial distress caused by historical subsidy spending.
Tinubu remarked, “For 50 years, Nigeria was spending money of generations yet unborn and servicing the West coast of our sub-region with fuel. It was getting difficult to plan for our children’s future.” He addressed the tough economic landscape his administration inherited and underscored the urgency of reforms to avert fiscal disaster, noting, “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.”
He acknowledged the invaluable support of Nigerians for these 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,” he remarked.
Tinubu asserted that democracy is integral to achieving economic and social development and praised those who remain committed to democratic values. Senator Emmanuel Nwaka, representing the visiting group, commended the administration’s initiatives, such as the Nigerian Education Loan Fund, which aims to ease educational costs. He concluded, “I appreciate you for what you are giving to students because the student population is the largest demographic in the country.”
Also present were several key figures from the delegation, including Senator Bako Musa, Terwase Orbunde, Hon. Wasiu Logun, Amina Aliyu, Obi Anoliefo, and Eze Nwauwa.
In summary, President Bola Tinubu’s administration has taken significant measures to protect Nigeria from financial collapse, primarily through the termination of the fuel subsidy. His emphasis on democratic values and the support of the populace have been crucial in stabilizing the economy. Initiatives aimed at supporting education and combating corruption were also highlighted, showcasing a commitment to socio-economic development for future generations.
Original Source: punchng.com
