President Bola Tinubu asserted that Nigeria would have faced bankruptcy if his administration had not ended the fuel subsidy and initiated economic reforms. He emphasized the need for sustainability for future generations and lauded public support for these changes, which have stabilized the economy. Tinubu highlighted initiatives aimed at alleviating educational and financial pressures on citizens, underlining the importance of democratic principles.
President Bola Tinubu recently emphasized that Nigeria risked bankruptcy if his administration had not promptly terminated the fuel subsidy and enacted essential economic reforms. Speaking during a meeting with former National Assembly members at the State House in Abuja, he articulated that these actions aimed to safeguard the interests of future generations.
Tinubu noted that for five decades, Nigeria had been depleting resources meant for future generations while providing fuel to neighboring countries. He expressed that this unsustainable approach hampered long-term planning for the nation’s youth. The president’s commitment to economic reform reflects a serious effort to shield Nigeria from financial adversity.
Outlining the dire state of affairs upon assuming office, Tinubu remarked that his administration faced significant economic challenges, necessitating decisive actions to avert a financial crisis. He expressed relief that with the reforms, Nigeria has been stabilizing economically, crediting public support for improving exchange rates and reducing food costs during Ramadan.
The President reassured that progress is being made, stating, “Today, we are sitting pretty on a good foundation. We have reversed the problem; the Exchange rate is stabilising. Food prices are coming down, especially during Ramadan. We will have light at the end of the tunnel.”
Highlighting the importance of democracy as a pathway to comprehensive development, Tinubu praised individuals adhering to democratic values. He shared reflections from his tenure in the Third Republic, recognizing how that experience has shaped his present role.
Senator Emmanuel Nwaka represented the visiting delegation, commending various initiatives from the Tinubu administration, including the Nigerian Education Loan Fund and the Nigerian Consumer Credit Corporation. He noted these programs significantly relieve educational and financial burdens on students, acknowledging their crucial impact on the largest demographic in Nigeria.
In conclusion, President Bola Tinubu’s decisive actions to eliminate the fuel subsidy were motivated by the necessity to prevent Nigeria’s impending bankruptcy and to protect future generations. His administration’s focus on economic reforms has reportedly stabilized essential economic indicators and garnered public support. The administration’s initiatives reflect a commitment to educational and financial empowerment, reinforcing the belief that democracy is vital for Nigeria’s progress.
Original Source: punchng.com
