President Bola Tinubu stated that Nigeria risked bankruptcy if he had not ended the fuel subsidy and enacted economic reforms. He emphasized that past spending practices harmed future generations and highlighted the challenges faced upon his takeover. The President credited citizen support for stabilizing the economy. Senator Nwaka praised government initiatives that alleviate educational and financial burdens for students.
On Thursday, President Bola Tinubu stated that Nigeria would have faced bankruptcy had he not promptly abolished the fuel subsidy and initiated essential economic reforms. During a meeting with former National Assembly colleagues from the Third Republic in Abuja, he articulated that these measures were essential for the benefit of future generations.
President Tinubu highlighted that Nigeria had been exhaustively spending the resources of future generations for decades. He remarked, “For 50 years, Nigeria was spending money of generations yet unborn and servicing the West coast of our sub-region with fuel. It was getting difficult to plan for our children’s future.” He emphasized the critical need for decisive action amidst the numerous challenges his administration encountered upon taking office.
The President underscored the urgency to avert financial 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, and we had to prevent the economy’s collapse.” He acknowledged the citizens’ support in implementing these reforms, which contributed to stabilizing the exchange rate and reducing food prices, particularly during Ramadan.
President Tinubu expressed optimism about the nation’s economic direction, mentioning, “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.” He reiterated the significance of democracy, asserting it as the vital pathway for socio-economic advancement.
Senator Emmanuel Nwaka, representing the visiting delegation, commended the government’s initiatives, including the Nigerian Education Loan Fund and the Nigerian Consumer Credit Corporation. He recognized these programs as beneficial in easing educational expenses and financial pressures, saying, “I appreciate you for what you are giving to students because the student population is the largest demographic in the country.”
The senator also lauded the CREDICORP initiative as an effective tool against corruption, facilitating easier access to loans for young graduates. He expressed gratitude for the administration’s efforts, stating, “I’m following their activities; we are delighted.” Other members of the delegation included Sen. Bako Musa, Terwase Orbunde, Hon. Wasiu Logun, Amina Aliyu, Obi Anoliefo, and Eze Nwauwa.
In conclusion, President Bola Tinubu’s decisive actions to end fuel subsidies and implement economic reforms have been crucial in preventing Nigeria from facing bankruptcy. His administration’s focus on these reforms, along with public support, has resulted in the stabilization of the exchange rate and reduced food prices. Furthermore, initiatives such as the Nigerian Education Loan Fund are positively impacting the lives of students, demonstrating a commitment to fostering long-term economic and social development.
Original Source: punchng.com
