FCT, Abuja – President Bola Ahmed Tinubu has explained the rationale behind his administration’s economic reforms, stating that they were necessary to protect the interests of future generations and prevent Nigeria from economic collapse.
Speaking at the State House in Abuja on Thursday, March 13, while receiving a delegation of former National Assembly colleagues from the aborted Third Republic, Tinubu highlighted the pressing financial challenges he inherited upon assuming office.
Tinubu: How Nigeria’s spending for future generations
The President emphasized that previous administrations had been depleting resources meant for future generations, particularly by subsidizing fuel prices beyond Nigeria’s borders.
“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,” Tinubu stated.
Tinubu: Tough decisions to avert bankruptcy
The President acknowledged that his administration had to take decisive actions to steer the country away from an impending financial crisis.
“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.
Nigeria’s economic stabilization and progress
Tinubu reassured Nigerians that the economy was beginning to stabilize, citing improvements in the exchange rate and declining food prices as positive indicators.
“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 expresses commitment to democratic values
Tinubu also reiterated his administration’s commitment to democratic principles as a pathway to economic, social, and political development.
“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, freedom, and the right to aspire to the highest office in the land. I am benefitting from it.
Tinubu set to appoint Ambassadors
Previously, Legit.ng reported that President Bola Ahmed Tinubu-led federal government is reporting set to appoint ambassadors for its more than 100 diplomatic missions worldwide.
The minister of Foreign Affairs, Yusuf Tuggar, confirmed this development through a statement.
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Source: Legit.ng
