President Bola Tinubu has defended his administration’s economic policies, stating that Nigeria would have faced bankruptcy without urgent reforms. He assured Nigerians of economic stabilization while highlighting key initiatives like NELFUND and CREDICORP. Former lawmakers praised these programs for aiding students and young professionals.
President Bola Tinubu has defended his administration’s economic policies, stating that urgent interventions were necessary to prevent Nigeria from financial collapse. Speaking in Abuja while hosting former lawmakers from the Third Republic, he emphasized that previous economic mismanagement had left the country in a precarious position.
“For decades, Nigeria was operating beyond its means, spending the wealth of future generations. Without decisive action, we would have faced bankruptcy,” Tinubu said.
He acknowledged that the reforms, which included the removal of fuel subsidies and currency unification, were difficult but essential to stabilizing the economy. According to him, these measures have started yielding positive results, with the exchange rate improving and food prices showing signs of decline.
The President expressed gratitude to Nigerians for their patience and support, reassuring them that the current sacrifices would lead to long-term economic stability. He also reaffirmed his commitment to democratic governance, stating that adherence to democratic principles remains crucial for national progress.
During the meeting, former Senator Emmanuel Chiedoziem Nwaka praised the government’s policies, particularly initiatives like the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation (CREDICORP). He described these programs as vital in empowering young Nigerians and fostering financial independence.
The delegation, which included several former lawmakers, expressed their support for Tinubu’s administration, commending its efforts to reposition the economy.
