Tinubu’s Reforms Essential to Preventing Nigeria’s Bankruptcy

President Bola Tinubu stated that Nigeria would have been bankrupt without the removal of the fuel subsidy. He highlighted the socio-economic challenges faced upon taking office and credited public support for recent economic stabilization efforts. He reaffirmed the vital role of democracy in achieving national growth, while senators praised initiatives like the Nigerian Education Loan Fund.

On Thursday, President Bola Tinubu revealed that Nigeria would have faced bankruptcy had his administration not promptly eliminated the fuel subsidy and enacted critical economic reforms. In discussions with a group of former National Assembly colleagues from the Third Republic, he emphasized the urgency of safeguarding future generations’ interests. “For 50 years, Nigeria was spending money of generations yet unborn,” he stated, stressing the importance of long-term planning for the nation’s youth.

Tinubu underscored the severe economic and social challenges astonishing his administration at its inception, asserting that decisive action was essential to avert 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 affirmed.

The President expressed gratitude towards Nigerians for their support of the reforms, attributing the stabilization of the exchange rate and reduction in food prices, especially during Ramadan, to their collective efforts. “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,” he remarked optimistically.

Furthermore, he reiterated that democracy is crucial for fostering economic, social, and political growth. He commended individuals committed to democratic ideals and reflected on how his experiences in the Third Republic were instrumental in reaching his current position.

Speaking on behalf of the visiting delegates, Senator Emmanuel Nwaka commended various initiatives from the Tinubu administration, such as the Nigerian Education Loan Fund and the Nigerian Consumer Credit Corporation. He indicated these programs could significantly reduce educational and financial stress. “I appreciate you for what you are giving to students because the student population is the largest demographic in the country,” he remarked, highlighting the positive impact of these initiatives.

In conclusion, President Bola Tinubu affirmed the necessity of eliminating the fuel subsidy and implementing reforms to prevent Nigeria from potential bankruptcy. His administration’s actions have reportedly stabilized the economy and improved financial conditions, which received collective support from the populace. Furthermore, he emphasized the importance of democracy for national progress while acknowledging the encouraging feedback on initiatives aimed at alleviating financial and educational challenges.

Original Source: punchng.com