President Bola Ahmed Tinubu has made a claim stating that his administration’s economic reforms prevented Nigeria from becoming bankrupt.
President Tinubu made this statement was made during a reception at the State House in Abuja, where he met with a delegation of former National Assembly colleagues from the aborted Third Republic.
Tinubu, who served as a Senator representing Lagos West during the Third Republic, emphasized the challenges Nigeria faced due to its economic practices. He said
“For 50 years, Nigeria was spending money of generations yet unborn and servicing the West coast of our subregion with fuel. It was getting difficult to plan for our children’s future,” Tinubu was quoted to have said in a statement by his media aide, Bayo Onanuga.
The President revealed the difficulties his administration encountered, particularly economic and social issues, upon taking office. He expressed his appreciation to the delegation for their support in dealing with these challenges.
Tinubu further acknowledged the progress made by his administration, stating that they had prevented the economy from going bankrupt and eventually collapsing.
“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. President Tinubu declared that the administration had been able to navigate the tide and expressed appreciation to Nigerians for their collective support in turning things around.
The President stated that today, the country is on a solid foundation. “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.”
Tinubu emphasized the importance of adhering to democratic principles, stating that it is the best way to achieve economic, social, and political development. “I am happy that you are holding to your belief in democracy. I thank you for keeping faith and remembering how we started.”
The President reflected on the country’s past, noting that some leaders failed to uphold democratic values. “Some leadership failed, but we kept the faith with our democratic beliefs and freedom and the right to aspire to the highest office in the land. I am benefitting from it.”
Senator Emmanuel Chiedoziem Nwaka, speaking on behalf of the delegation, expressed his appreciation for some of the programmes implemented by the Tinubu administration. He specifically highlighted the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation (CREDICORP).
“I appreciate you for what you are giving to students because the student population is the largest demographic in the country. I’ve spoken with many of them, and many have benefited from it.”
Senator Nwaka also commended the CREDICORP initiative, stating that it is an effective way to fight corruption. He said “And the next one is the CREDICORP. That’s a major way of fighting corruption. You see a young man, you come out of school, you want to buy a car, you have to put down cash, you want to buy a house, and you are not married, but with the CREDICORP, you can get things done.”
Other members of the delegation included Sen. Bako Aufara Musa, Hon. Terwase Orbunde, Hon. Wasiu Logun, Hon. Amina Aliyu, High Chief Obi Anoliefo, and Hon. Eze Nwauwa.
