President Bola Tinubu said the rationale behind his administration’s economic reforms is to protect the interests of 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 said.
He made these remarks at the State House while receiving a delegation of former National Assembly colleagues from the aborted Third Republic, during which he served as the senator representing Lagos West.
The president highlighted the challenges faced at the beginning of his administration, especially economic and social issues, and expressed his gratitude for the delegation’s support in addressing these difficulties.
“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.
President Tinubu declared that the administration had been able to stem the tide and expressed appreciation to Nigerians for their collective support in turning things around.
“Today, we are sitting pretty on a good foundation. We have reversed the problem; the exchange rate is stabilising.
“Food prices are coming down, especially during Ramadan. We will have light at the end of the tunnel,” he said.
He said firm adherence to democratic tenets is the best route to 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,” Tinubu stated.
Senator Emmanuel Nwaka, who spoke on behalf of the group, expressed delight at some of the programmes that the Tinubu administration had implemented, especially the Nigerian Education Loan Fund, NELFUND and the Nigerian Consumer Credit Corporation, CREDICORP.
“I appreciate you for what you are giving to students because they are the largest demographic in the country. I have spoken with many of them and they have benefited from it.
“The next one is CREDICORP. That is 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 am following their activities; we are delighted,” he said.
Other members of the delegation were Bako Aufara Musa, Terwase Orbunde, Wasiu Logun, Amina Aliyu, High Chief Obi Anoliefo and Eze Nwauwa.
