Tinubu defends economic reforms, says future generations must be protected

President Bola Ahmed Tinubu on Thursday provided a comprehensive justification for his administration’s economic policies, emphasizing that the primary goal is to safeguard the interests of future generations.

He asserted that Nigeria had for decades been spending beyond its means, a practice that threatened economic stability.

Speaking at the State House in Abuja while receiving a delegation of his former National Assembly colleagues from the aborted Third Republic, Tinubu lamented past financial mismanagement and underscored the necessity of difficult but essential reforms.

“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,” the President stated.

He acknowledged the difficulties encountered at the onset of his administration, citing economic and social turbulence, and expressed gratitude for the delegation’s support during these challenging times.

“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.

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Despite initial hurdles, Tinubu declared that his government had successfully stabilized the economy and reversed the downward trajectory.

“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 further stressed that democracy remains the best pathway for Nigeria’s economic, social, and political progress, urging leaders and citizens alike to remain steadfast in their democratic values.

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“I am happy that you are holding to your belief in democracy. I thank you for keeping faith and remembering how we started. Some people missed the ball. 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 benefiting from it,” he remarked.

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During the meeting, Senator Emmanuel Chiedoziem Nwaka, who spoke on behalf of the delegation, lauded the Tinubu administration for its impactful policies, particularly the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation (CREDICORP), which have been instrumental in improving access to education and financial empowerment for Nigerians.

“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.

“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. I’m following their activities; we are delighted,”Nwaka said.

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

The meeting highlighted the administration’s commitment to long-term economic sustainability and social welfare, with Tinubu pledging continued efforts to ensure a prosperous future for all Nigerians.