President Bola Tinubu stated that Nigeria has mismanaged wealth meant for future generations for 50 years. He discussed the urgent economic reforms made during his administration to prevent bankruptcy, including the removal of the fuel subsidy. These changes have reportedly stabilized the exchange rate and reduced food prices. He received commendations for his initiatives aimed at alleviating financial burdens on the populace.
During a meeting with former National Assembly colleagues from the Third Republic at the State House in Abuja, President Bola Tinubu highlighted that Nigeria has squandered wealth meant for future generations over the past 50 years. He emphasized that the removal of the fuel subsidy and the implementation of significant economic reforms were critical measures needed to avert imminent bankruptcy and ensure a stable future for the country.
Tinubu, who assumed office in May 2023, described the economic conditions at the time as dire, stating the necessity of making tough decisions to prevent a 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,” he remarked.
The President commended the Nigerian populace for their support of his reform initiatives, linking recent economic improvements, such as the stabilisation of the exchange rate and the reduction of food prices, to their resilience. “Today, we are sitting pretty on a good foundation. We have reversed the problem; the exchange rate is stabilising, and food prices are coming down,” Tinubu said.
Reiterating his belief in democracy as the essential path to progress, he praised individuals who uphold democratic values. Tinubu reflected upon his political evolution, noting the influence of his experiences during the Third Republic on his leadership style.
Senator Emmanuel Nwaka, representing the delegation, commended Tinubu’s economic reforms, including the Nigerian Education Loan Fund and the Nigerian Consumer Credit Corporation, which are designed to alleviate financial hardships, particularly among the student demographic. He expressed appreciation for these initiatives, stating, “Many have benefited from it.” Furthermore, Nwaka acknowledged the launch of CREDICORP, a credit system that enables young professionals to access financing for significant purchases.
In summary, President Bola Tinubu’s address underscored the urgent need for economic reforms in Nigeria to safeguard the wealth of future generations. By eliminating the fuel subsidy and pursuing strategic reforms, his administration aims to stabilize the economy and ensure a brighter future. He received praise from political colleagues for these initiatives, which have successfully alleviated some financial pressures in Nigeria today.
Original Source: saharareporters.com
