President Bola Tinubu on Thursday defended his administration’s economic reforms, stating that the primary objective was to safeguard the interests of future generations.
Speaking at the State House in Abuja while hosting a delegation of former National Assembly colleagues from the aborted Third Republic—during which he served as a Senator representing Lagos West—Tinubu highlighted the unsustainable financial practices of the past.
“For 50 years, Nigeria was spending the money of generations yet unborn and subsidizing fuel for the West African subregion. It was becoming increasingly difficult to plan for our children’s future,” Tinubu said, as quoted by his media aide, Bayo Onanuga.
He acknowledged the economic and social challenges his administration faced upon assuming office and expressed gratitude for the delegation’s support in tackling them.
“We encountered serious headwinds when I took over—very challenging times. Without the decisive actions we took, Nigeria would have faced bankruptcy. We had to prevent economic collapse,” he stated, adding that his administration had managed to stabilize the situation with the support of Nigerians.
“Today, we have laid a solid foundation. The exchange rate is stabilizing, and food prices are coming down, especially during Ramadan. There is light at the end of the tunnel,” Tinubu assured.
Reaffirming his commitment to democracy, he noted that adherence to democratic principles remains the best path to economic, social, and political progress.
“I appreciate your steadfast belief in democracy. Some leaders lost their way, but we remained committed to democratic values, freedom, and the right to aspire to the highest office in the land. I am a beneficiary of that commitment,” he said.
Speaking on behalf of the delegation, Senator Emmanuel Chiedoziem Nwaka commended Tinubu’s initiatives, particularly the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation (CREDICORP), highlighting their impact on citizens.
“I appreciate the support for students, as they represent the largest demographic in the country. Many have already benefited,” Nwaka stated.
He also praised CREDICORP for its role in promoting financial inclusion and reducing corruption.
“With CREDICORP, young graduates can finance a car or a home without having to pay in cash upfront. This is a major step in fighting corruption, and we are pleased with its progress,” he added.
Other delegation members included Senator Bako Aufara Musa, Hon. Terwase Orbunde, Hon. Wasiu Logun, Hon. Amina Aliyu, High Chief Obi Anoliefo, and Hon. Eze Nwauwa.