Past Govts Wasted Future Generations’ Wealth For 50 Years – Tinubu
President Bola Tinubu has said past governments squandered the wealth of future generations by subsidising fuel for neighbouring West African countries.
Speaking in Abuja on Thursday while receiving former National Assembly colleagues from the aborted Third Republic, Tinubu stated that Nigeria was on the brink of bankruptcy before his administration removed the fuel subsidy and implemented critical economic reforms.
“For 50 years, Nigeria was spending the money of generations yet unborn and servicing the West Coast of our sub-region with fuel. It was getting difficult to plan for our children’s future,” he said.
Tinubu, who took office in May 2023, said tough decisions were necessary to prevent financial collapse.
“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.
The President commended Nigerians for enduring the hardship caused by the reforms, attributing the stabilisation of the exchange rate and declining food prices to their resilience.
“Today, we are sitting pretty on a good foundation. We have reversed the problem; the exchange rate is stabilising, and food prices are coming down, especially during Ramadan. We will have light at the end of the tunnel,” he said.
He also reaffirmed his commitment to democracy, stating that it remains the best path for economic and political stability.
Speaking on behalf of the delegation, Senator Emmanuel Nwaka praised Tinubu’s economic initiatives, particularly the Nigerian Education Loan Fund and the Nigerian Consumer Credit Corporation.
“I appreciate you for what you are giving to students because the student population is the largest demographic in the country. Many have benefited from it,” Nwaka said.
He also commended the newly established credit system, CREDICORP, which allows young professionals to access financial support for essential purchases like cars and houses.
Titilope Adako is a talented and intrepid journalist, dedicated to shedding light on the untold stories of Osun State and Nigeria. Through incisive reporting, she tackles a broad spectrum of topics, from politics and social justice to culture and entertainment, with a commitment to accuracy, empathy, and inspiring positive change.
