President Bola Tinubu addressed former colleagues, stating that Nigeria has mismanaged resources for fifty years, necessitating urgent economic reforms to prevent bankruptcy. He praised public support for his policies, leading to exchange rate stabilization and lowering food prices. He emphasized democracy’s role in progress and highlighted recent initiatives for youth financial support.
On Thursday, President Bola Tinubu addressed former National Assembly colleagues from the Third Republic, affirming that Nigeria had squandered resources intended for future generations over the past fifty years. He stressed that the removal of fuel subsidies and implementation of essential economic reforms were critical actions to safeguard the fiscal stability of the nation. Tinubu articulated that before his administration, the country was on the brink of bankruptcy due to mismanagement of funds meant for development.
Upon assuming office in May 2023, President Tinubu described the economic landscape as severe, requiring decisive actions to avert financial disaster. He stated, “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 underscored that these tough decisions were necessary for ensuring a sustainable economic future and preventing impending collapse.
Tinubu acknowledged the resilience of the Nigerian populace, attributing the recent stabilization of the exchange rate and decreasing food prices to their support for the reforms. He commented, “Today, we are sitting pretty on a good foundation. We have reversed the problem; the exchange rate is stabilizing, and food prices are coming down… We will have light at the end of the tunnel.”
The President reiterated his belief in democracy as the cornerstone for economic and social advancement. He praised those who champion democratic principles and reflected on how his experiences during the Third Republic influenced his leadership philosophy.
Senator Emmanuel Nwaka, representing the delegation, commended Tinubu for his proposed economic measures, such as the Nigerian Education Loan Fund and the Nigerian Consumer Credit Corporation, which he believes will alleviate financial burdens on citizens. Nwaka expressed gratitude for initiatives that particularly benefit the student demographic, highlighting the significance of the newly introduced CREDICORP credit system that assists young professionals in acquiring necessary assets.
In summary, President Bola Tinubu emphasized the need for substantial economic reforms to secure Nigeria’s future, reflecting on the historical mismanagement of wealth. He articulated the dire economic situation he inherited, illustrating that immediate actions were paramount to avoid bankruptcy. His administration has since achieved notable stabilizations in exchange rates and food prices, reaffirming his commitment to democratic values and the financial empowerment of Nigerians, particularly the youth.
Original Source: saharareporters.com
