President Bola Tinubu highlighted the need for economic reforms to protect future generations impacted by past financial mismanagement. During a meeting with former National Assembly colleagues, he emphasized the challenges faced by his administration and the progress made, including stabilizing the economy and reducing food prices. He reaffirmed the importance of democracy in achieving societal development. Stakeholders expressed support for his administration’s initiatives like the NELFUND and CREDICORP.
On Thursday, President Bola Tinubu explained his administration’s economic reforms, aiming to safeguard the interests of future generations. He emphasized the concern over Nigeria previously spending resources that would impact children yet unborn over the past 50 years. He articulated this while receiving a delegation from former National Assembly members of the aborted Third Republic in Abuja, reflecting on his tenure as a Senator for Lagos West.
The President acknowledged the considerable challenges faced at the inception of his leadership, citing critical economic and social issues. He expressed gratitude to the delegation for their support in overcoming these adversities, stating, “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.”
President Tinubu conveyed optimism about the current state of the economy, stating that due to his administration’s efforts, the economic situation is improving. He noted that the exchange rate is stabilizing and food prices have decreased, especially during Ramadan. “Today, we are sitting pretty on a good foundation. We have reversed the problem; the Exchange rate is stabilising. Food prices are coming down,” he remarked.
The President urged adherence to democratic principles as a pathway to economic, social, and political growth. He thanked the delegation for their commitment to democracy, reflecting on the benefits of remaining faithful to democratic ideals. “Some leadership failed, but we kept the faith with our democratic beliefs and freedom and the right to aspire to the highest office in the land. I am benefitting from it.”
Emmanuel Nwaka, representing the delegation, commended the Tinubu administration for initiatives such as the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation (CREDICORP), which provide significant benefits to the populace. He highlighted the importance of these programs, especially for the vast student demographic, expressing satisfaction with their impact: “I appreciate you for what you are giving to students because the student population is the largest demographic in the country.”
In conclusion, President Bola Tinubu’s articulation of Nigeria’s economic reforms emphasizes a commitment to protecting future generations. His administration has faced significant difficulties but has made strides toward economic stabilization and democratic adherence. The acknowledgment from stakeholders regarding beneficial initiatives, such as the NELFUND and CREDICORP, underscores the ongoing efforts to enhance societal welfare and economic integrity.
Original Source: businessday.ng
