President Bola Tinubu highlighted the urgent need for economic reforms to protect future generations during a meeting with former National Assembly colleagues. He stated that immediate actions were crucial to prevent Nigeria from facing bankruptcy. Tinubu praised Nigerians for their support of his reforms, which have stabilized the exchange rate and reduced food prices. He emphasized democracy’s role in progress and reflected on his political journey.
President Bola Tinubu recently spoke at the State House in Abuja to a delegation of former National Assembly colleagues from the aborted Third Republic, highlighting the necessity of his economic reforms aimed at safeguarding future generations. He remarked that for 50 years, Nigeria had been utilizing resources intended for future generations and financially supporting the West Coast, complicating long-term planning for the youth.
Upon assuming office in May 2023, Tinubu confronted a severe economic crisis, asserting that immediate action was essential to avert Nigeria’s bankruptcy. He underscored that the decisions made were critical to halt the impending economic collapse, 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.”
The President expressed gratitude towards the Nigerian populace for their support of his reforms. He noted that these changes have led to the stabilization of the exchange rate and a decrease in food prices, particularly during Ramadan. “Today, we are sitting pretty on a good foundation… we will have light at the end of the tunnel,” Tinubu assured.
Tinubu reaffirmed his belief that democracy is vital for economic, social, and political advancement and praised the ongoing commitment to democratic values. Reflecting on his political path, he acknowledged how his experiences during the Third Republic influenced his leadership style.
Senator Emmanuel Nwaka, speaking on behalf of the delegation, commended Tinubu for his economic initiatives, notably the Nigerian Education Loan Fund and the Nigerian Consumer Credit Corporation. He emphasized the significance of these programs in alleviating financial pressures, particularly for students, the country’s largest demographic. Nwaka also lauded the newly introduced credit system, CREDICORP, which facilitates financial assistance for young professionals making essential purchases.
In summary, President Bola Tinubu has underscored the urgency of economic reforms necessary to ensure Nigeria’s future stability. His administration’s decisive actions, including removing the fuel subsidy, have aimed to prevent impending bankruptcy and foster resilience among the populace. The support for democratic values and initiatives, such as education loans and credit assistance for professionals, reflect a commitment to long-term economic growth and progress in the country.
Original Source: saharareporters.com
