- President Tinubu noted that Nigeria was on the brink of bankruptcy upon his assumption of office
- Tinubu commended Nigerians for their support during the economic crisis and emphasised that the nation now on a strong economic foundation
- The president reassured citizens that the situation was improving, with an optimistic outlook for the future as reforms continue
President Bola Tinubu has revealed that Nigeria’s economy was on the brink of collapse when he assumed office, and it was only through his administration’s decisive actions that the country avoided bankruptcy.
This was disclosed on Thursday, March 13 during a meeting at the State House in Abuja with a delegation of former National Assembly colleagues from the aborted Third Republic where Tinubu discussed the severe economic challenges his government inherited and the steps taken to prevent a collapse.
“We encountered significant difficulties when I took over. Nigeria would have gone bankrupt if we hadn’t acted quickly, and we had to stop the economy from collapsing,” he said.
Tinubu assures Nigerians of economic recovery
The president expressed his gratitude to Nigerians for their support during the crisis, highlighting the progress made in stabilising the economy.
“Today, we are on a strong foundation. The situation has improved; the exchange rate is stabilising, and food prices are dropping, especially during Ramadan. We will soon see light at the end of the tunnel,” he assured.
Tinubu also emphasised the crucial role of democracy in achieving economic, social, and political development. He praised his former colleagues for their commitment to democratic ideals, stating, “I am glad you remain committed to democracy. Thank you for remembering our shared beginnings. While some leaders faltered, we stayed true to our democratic values, freedom, and the right to aspire to the highest office. I am benefiting from it.”
Speaking on behalf of the group, Senator Emmanuel Nwaka commended the president for the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation (CREDICORP).
“I appreciate you for what you are giving to students because the student population is the largest demographic in the country. I have spoken with many of them, and many have benefited from it,” he stated.
Tinubu gives another justification for fuel subsidy removal, links it to unborn generations
Meanwhile, TheRadar earlier reported that President Bola Tinubu argued that the removal of the fuel subsidy was essential to ensure long-term national development and prosperity for Nigeria's youth.
The president highlighted positive shifts in the economy, with falling prices, improving confidence, and technological advancements.