Nigeria Squandered Future Generations’ Wealth for 50 Years, Tinubu Declares
President Bola Tinubu has declared that Nigeria was on the brink of bankruptcy before his administration took decisive steps to remove the fuel subsidy and implement critical economic reforms. Speaking on Thursday while receiving a delegation of former National Assembly colleagues from the aborted Third Republic at the State House in Abuja, Tinubu emphasized that his actions were necessary to safeguard the future of the nation.
Nigeria’s Economic Challenges
Tinubu, who assumed office in May 2023, described the economic situation he inherited as dire, warning that tough decisions were unavoidable to prevent a financial collapse.
“For 50 years, Nigeria was spending the 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 said.
The President highlighted the unsustainable nature of the fuel subsidy regime, which he said had drained the nation’s resources and hindered long-term economic planning.
Tough Decisions for Economic Stability
Tinubu reiterated that his administration’s reforms, including the removal of the fuel subsidy and the unification of the exchange rate, were essential to stabilize the economy.
“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 stated.
He commended Nigerians for their resilience and support during the implementation of these reforms, noting that the economy is now on a more stable footing.
Signs of Economic Recovery
The President pointed to recent improvements in key economic indicators as evidence of the success of his administration’s policies.
“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, especially during Ramadan. We will have light at the end of the tunnel,” he assured.
Tinubu expressed optimism about Nigeria’s economic future, emphasizing that the reforms would create a more prosperous and sustainable economy for future generations.
Commitment to Democracy
Reflecting on his political journey, Tinubu praised the resilience of Nigeria’s democracy and the contributions of those who have upheld democratic values.
“Democracy remains the surest path to economic, social, and political progress,” he said, recalling how his experiences during the Third Republic shaped his leadership style and commitment to democratic governance.
Delegation’s Commendation
Speaking on behalf of the delegation, Senator Emmanuel Nwaka lauded Tinubu’s economic initiatives, particularly 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.
He also praised the newly established credit system, which allows young professionals to access financial support for essential purchases like cars and houses, describing it as a transformative initiative.
Implications of Tinubu’s Reforms
The President’s remarks underscore the urgency of his administration’s economic reforms and their potential to reshape Nigeria’s financial landscape. By addressing long-standing issues such as the fuel subsidy and exchange rate instability, Tinubu aims to create a more sustainable economic framework that benefits all Nigerians.
Conclusion
President Tinubu’s address highlights the challenges and opportunities facing Nigeria’s economy. While the removal of the fuel subsidy and other reforms have caused short-term hardships, the administration remains committed to building a stronger, more resilient economy for future generations. As the nation continues on this path, the President’s leadership and the support of the Nigerian people will be crucial in achieving lasting economic stability and growth.
