Tinubu defends economic reforms

…says ‘For 50 years, we spent money of generations yet inborn’

President Bola Tinubu has justified his administration’s sweeping economic reforms, stating that they were necessary to safeguard Nigeria’s future and prevent financial ruin.

He emphasized that for decades, the country had been living beyond its means, spending resources meant for future generations.

“For 50 years, Nigeria was spending the money of generations yet unborn and servicing the West Coast of our subregion with fuel. It was getting difficult to plan for our children’s future,” Tinubu said on Thursday while receiving a delegation of former National Assembly colleagues from the aborted Third Republic at the Presidential Villa in Abuja.

The President acknowledged the economic and social turbulence that accompanied the early days of his administration but maintained that the tough decisions taken were unavoidable.

“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.

Despite the hardships faced by Nigerians, Tinubu expressed optimism that the country was now on a stronger economic path.

“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.”

Beyond economic recovery, Tinubu underscored his administration’s commitment to democratic principles, calling them essential for Nigeria’s long-term development.

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“I am happy that you are holding to your belief in democracy. I thank you for keeping faith and remembering how we started. Some people missed the ball. Some leadership failed, but we kept the faith with our democratic beliefs, freedom, and the right to aspire to the highest office in the land. I am benefitting from it,” he noted.

Speaking on behalf of the delegation, Senator Emmanuel Chiedoziem Nwaka commended Tinubu for introducing initiatives such as the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation (CREDICORP), which he described as transformative.

“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 establishment of CREDICORP, saying it would help curb corruption by providing young Nigerians with access to credit for essential purchases.

“You see a young man, you come out of school, you want to buy a car, you have to put down cash, you want to buy a house, and you are not married, but with CREDICORP, you can get things done. I’m following their activities; we are delighted,” he added.

Other members of the delegation included Sen. Bako Aufara Musa, Hon. Terwase Orbunde, Hon. Wasiu Logun, Hon. Amina Aliyu, High Chief Obi Anoliefo, and Hon. Eze Nwauwa.