Nigeria Would Have Been Bankrupt Without Subsidy Removal, Economic Reforms – Tinubu

President Bola Tinubu on Thursday declared that Nigeria was on the brink of bankruptcy before his administration swiftly ended the fuel subsidy and implemented critical economic reforms.

Speaking while receiving a delegation of former National Assembly colleagues from the aborted Third Republic at the State House in Abuja, Tinubu explained that the urgent measures were necessary to safeguard the nation’s financial future and protect coming generations.

Tinubu said, “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.”

Naijaonpoint reports that the Special Adviser to the President on Information and Strategy, Bayo Onanuga, detailed the president’s remarks in a statement titled, ‘For 50 years, we were spending the money of generations yet unborn: President Tinubu.’

Reflecting on the conditions upon assuming office, the President pointed out the severe economic and social challenges facing the country, stating that bold action was needed to avert financial collapse.

“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 said.

The President credited Nigerians for their resilience and support for his policies, noting that their sacrifices have contributed to the recent economic improvements, particularly in stabilizing the exchange rate and reducing food prices.

“Today, we are sitting pretty on a good foundation. We have reversed the problem; the exchange rate is stabilizing. Food prices are coming down, especially during Ramadan. We will have light at the end of the tunnel,” he assured.

Tinubu reiterated his commitment to democracy, calling it the best route for Nigeria’s economic, social, and political development.

He also praised those who remained steadfast in upholding democratic values, reflecting on his experience in the Third Republic and how it shaped his political journey.

Delegation Commends Tinubu’s Policies

Speaking on behalf of the visiting delegation, Senator Emmanuel Nwaka lauded the administration’s initiatives, particularly the Nigerian Education Loan Fund and the Nigerian Consumer Credit Corporation (CREDICORP), highlighting their role in easing financial burdens on citizens.

“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,” Nwaka said.

He further praised the credit scheme, saying: “CREDICORP is a major way of fighting corruption. You see a young man, fresh out of school, who wants to buy a car or house and has to pay in cash. But with this credit system, people can finance their needs properly. I’ve been following its activities, and we are delighted.”

Other members of the delegation included Senator Bako Musa, Terwase Orbunde, Hon. Wasiu Logun, Amina Aliyu, Obi Anoliefo, and Eze Nwauwa.