President Bola Tinubu has reaffirmed that his administration’s economic reforms are essential to securing Nigeria’s future and preventing financial instability. Speaking at the State House while receiving former National Assembly colleagues from the aborted Third Republic, Tinubu explained that for decades, Nigeria spent beyond its means, making it difficult to plan for future generations. He also pointed out that the country had been servicing the West African subregion with fuel subsidies, which became unsustainable.
Addressing the economic challenges encountered at the start of his tenure, the President stressed that immediate action was necessary to prevent Nigeria from sliding into bankruptcy. He credited his administration’s decisive policies for stabilizing the exchange rate, reducing food prices, especially during Ramadan and laying a solid foundation for economic recovery. Tinubu expressed gratitude to Nigerians for their patience and collective support in overcoming these challenges, assuring them that “there is light at the end of the tunnel.”
The President also emphasized that adherence to democratic principles remains crucial for long-term economic, social, and political development. He acknowledged the commitment of his former colleagues to democratic ideals and praised their continued support.
Speaking on behalf of the delegation, Sen. Emmanuel Nwaka commended Tinubu’s initiatives, particularly the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation (CREDICORP). He highlighted their positive impact on students and young professionals, noting that access to credit would help reduce corruption and improve financial stability.
Other members of the delegation, including Sen. Bako Aufara Musa, Terwase Orbunde, Wasiu Logun, Amina Aliyu, Chief Obi Anoliefo, and Eze Nwauwa, expressed their support for the President’s policies and reaffirmed their commitment to national development.
