President Bola Ahmed Tinubu has defended his administration’s economic policies, stating that Nigeria had been recklessly spending the wealth of unborn generations for decades. The president made this revelation on Thursday while receiving a delegation of former National Assembly colleagues from the aborted Third Republic at the State House in Abuja.
A statement signed by his Special Adviser on Communication and Strategy, Bayo Onanuga, quoted Tinubu as saying, “For 50 years, Nigeria was spending the 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 highlighted the economic and social challenges that plagued the country at the start of his administration, warning that Nigeria would have faced bankruptcy had he not taken drastic measures. He acknowledged that his government met severe headwinds but had managed to stabilize the economy and reverse the downward trend.
“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. We had to prevent the economy’s collapse. Today, we are sitting pretty on a good 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 said.
The president reaffirmed his commitment to democracy, emphasizing that adherence to democratic principles remains the best pathway for economic, social, and political progress. “Some leadership failed, but we kept faith in democracy, freedom, and the right to aspire to the highest office in the land. I am benefitting from it today.”
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Speaking on behalf of the delegation, Senator Emmanuel Chiedoziem Nwaka praised Tinubu’s initiatives, particularly the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation (CREDICORP). He noted that many Nigerian students have benefited from the student loan program, while CREDICORP has given young professionals access to financing for cars, housing, and other essential needs without resorting to corrupt means.
“I’ve spoken with many students, and they have benefited from NELFUND. CREDICORP is another game-changer. It allows young people to buy a car or house without paying everything upfront. We are closely following their activities, and we are delighted,” Nwaka stated.
The delegation included Sen. Bako Aufara Musa, Hon. Terwase Orbunde, Hon. Wasiu Logun, Hon. Amina Aliyu, High Chief Obi Anoliefo, and Hon. Eze Nwauwa.
Tinubu’s economic reforms continue to spark debate, with supporters praising his bold steps while critics argue that ordinary Nigerians are still struggling with inflation and high living costs.
