President Bola Tinubu recently asserted that Nigeria squandered wealth meant for future generations due to poor financial practices. He highlighted the necessity of eliminating fuel subsidies and other reforms to avert impending bankruptcy. Tinubu expressed optimism about stabilizing the economy and praised democratic values, supported by commendations from Senator Emmanuel Nwaka for initiatives aiding students and young professionals.
During a recent reception of former National Assembly colleagues from the Third Republic, President Bola Tinubu highlighted Nigeria’s economic challenges and reforms essential for safeguarding future generations. He noted that the nation has been leveraging resources intended for future development, specifically referencing the longstanding fuel subsidy. Tinubu assessed the previous financial practices as detrimental, stating that economic planning for future generations had become increasingly arduous due to mismanagement.
Upon assuming office in May 2023, President Tinubu described Nigeria’s economy as being on the brink of bankruptcy, necessitating immediate and decisive reforms. His administration notably eliminated the fuel subsidy and enacted crucial economic measures to avert a financial crisis. He acknowledged the daunting circumstances his government faced and emphasized that without these reforms, the country would have faced significant economic collapse.
In addressing the public, Tinubu commended Nigerians for their support during this reformative period, attributing recent positive shifts such as the stabilisation of the exchange rate and reduction in food prices to their resilience. He expressed optimism about the future, stating, “Today, we are sitting pretty on a good foundation… We will have light at the end of the tunnel.”
The President reaffirmed that democracy is fundamental to achieving socio-economic progress, acknowledging those who uphold democratic principles. He shared insights into his political experiences from the Third Republic, which he believes have informed his current leadership.
Senator Emmanuel Nwaka conveyed gratitude on behalf of the delegation, commending Tinubu’s initiatives like the Nigerian Education Loan Fund and the Nigerian Consumer Credit Corporation. He emphasized the importance of these programs in alleviating the financial burdens faced by the youth, who represent the largest demographic in Nigeria. “I appreciate you for what you are giving to students because the student population is the largest demographic in the country. Many have benefited from it,” Nwaka remarked, also praising CREDICORP for enabling young professionals to access funding for essential purchases.
In summary, President Bola Tinubu has articulated the necessity of decisive reforms aimed at safeguarding Nigeria’s financial future. His administration’s actions to eliminate fuel subsidies and stabilize the economy are pivotal in responding to a challenging economic landscape. Public gratitude for these initiatives reflects a collective resilience, suggesting potential for ongoing improvements in Nigeria’s economic health.
Original Source: saharareporters.com
