President Bola Tinubu has stated that Nigeria was on the brink of bankruptcy before his administration implemented critical economic reforms.
The President made this statement at the State House in Abuja while welcoming a group of former members of the National Assembly from the Third Republic, which he served in as a senator for Lagos West.
“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 was quoted to have said in a statement by his media aide, Bayo Onanuga.
He emphasized that without these measures, the country would have faced severe financial instability.
Upon taking office, Tinubu’s government faced significant economic challenges. To address these, they removed longstanding fuel subsidies and unified the exchange rate system. These actions aimed to stabilize the economy and lay a solid foundation for future growth.
The President expressed gratitude to Nigerians for their support during these challenging times and assured them of better economic prospects ahead.
He noted that indicators such as a stabilizing exchange rate and decreasing food prices, especially during Ramadan, suggest positive outcomes from the reforms.
