By Jemimah Wellington, JKNewsMedia Reporter
ECONOMIC MISMANAGEMENT spanning five decades has left Nigeria in financial distress, President Bola Ahmed Tinubu has revealed.
Addressing a delegation of former National Assembly colleagues at the State House on Thursday, the President stated that his administration’s economic reforms were necessary to protect future generations.
“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,” he declared.
Tinubu, who served as a senator during the aborted Third Republic, acknowledged the economic turmoil his administration faced upon assuming office.
He stressed that decisive action was crucial to prevent national bankruptcy.
“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,” the President stated.
The President also credited his government’s policy measures with stabilising the economy, including improvements in the exchange rate and a gradual decline in food prices, especially during Ramadan.
“Today, we are sitting pretty on a good foundation. We have reversed the problem; the exchange rate is stabilising. Food prices are coming down. We will have light at the end of the tunnel,” Tinubu assured.
Emphasising democratic principles, he reaffirmed his belief that governance rooted in democracy remains the best path to Nigeria’s 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 faith with our democratic beliefs and freedom and the right to aspire to the highest office in the land. I am benefitting from it.”
Senator Emmanuel Chiedoziem Nwaka, who spoke on behalf of the visiting delegation, lauded the Tinubu administration’s reforms, particularly the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation (CREDICORP).
He highlighted how these initiatives were positively impacting citizens.
“I appreciate you for what you are giving to students because the student population is the largest demographic in the country. I’ve spoken with many of them, and many have benefited from it,” Nwaka said.
He also stressed the significance of CREDICORP in curbing corruption by enabling access to financial resources without resorting to illicit means.
“That’s a major way of fighting corruption. You see a young man, you come out of school, you want to buy a car, you have to put down cash, you want to buy a house, and you are not married.
“But with CREDICORP, you can get things done. I’m following their activities; we are delighted,” he added.
The meeting was documented in a statement issued by Bayo Onanuga, Special Adviser to the President on Information & Strategy, on March 13, 2025.
He noted that other members of the delegation included Sen. Bako Aufara Musa, Hon. Terwase Orbunde, Hon. Wasiu Logun, Hon. Amina Aliyu, High Chief Obi Anoliefo, and Hon. Eze Nwauwa.
