President Bola Tinubu has justified his administration’s economic reforms, insisting they were necessary to protect the interests of future generations and prevent Nigeria from financial collapse.
Speaking recently at the State House in Abuja, Tinubu said the country had been spending beyond its means for decades, leaving future generations burdened with debt.
“For 50 years, Nigeria was spending the money of generations yet unborn and servicing the West Coast of the subregion with fuel. It was getting difficult to plan for the future of Nigeria’s children,” the president said, according to a statement from his spokesperson, Bayo Onanuga.
Tinubu acknowledged the economic and social difficulties that came with his policies but maintained that the government had managed to avert financial disaster.
“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,” he stated.
The president claimed his administration had stabilized the economy, pointing to improvements in the exchange rate and falling food prices, especially during Ramadan.
“Today, we are sitting pretty on a good foundation. We have reversed the problem. The exchange rate is stabilizing, food prices are coming down, and we will have light at the end of the tunnel,” he assured.
Reaffirming his commitment to democracy, Tinubu said that adhering to democratic principles remained the best path to Nigeria’s economic, social, and political development.
“I am happy that you are holding to your belief in democracy. Some people missed the ball. Some leadership failed, but we kept the faith in our democratic beliefs, freedom, and the right to aspire to the highest office in the land. I am benefiting from it,” he concluded.
