President Bola Tinubu has declared that Nigeria faced imminent bankruptcy, if his administration had not swiftly ended the fuel subsidy and implemented crucial economic reforms.
Receiving a delegation of former National Assembly colleagues from the aborted Third Republic at the State House in Abuja, Tinubu explained that his actions were motivated by the need to protect the interests of future generations.
The special Adviser to the President on Information and Strategy, Bayo Onanuga disclosed this in a statement.
Highlighting the conditions at the outset of his administration, Tinubu noted the social and economic challenges confronting the country, emphasizing that decisive steps were necessary to prevent financial collapse.
He lauded Nigerians for rallying behind the reforms, crediting their collective support with helping to stabilise the exchange rate and lower food prices, especially during Ramadan. According to the President, democracy remains the surest path to achieving economic, social, and political development.
He commended those who continue to hold fast to democratic principles, recalling the spirit of his days in the Third Republic and how it ultimately paved the way for his current position.
Speaking on behalf of the visiting delegation, Senator Emmanuel Nwaka expressed his appreciation for several of the administration’s initiatives, including the Nigerian Education Loan Fund and the Nigerian Consumer Credit Corporation describing them as impactful programs capable of alleviating both educational burdens and financial stress.