President Bola Tinubu has defended his administration’s economic policies, stating that they were necessary to safeguard Nigeria’s future and prevent financial collapse.
In a statement by his spokesperson, Bayo Onanuga, Tinubu made these remarks on Thursday at the State House in Abuja while receiving a delegation of former National Assembly colleagues from the aborted Third Republic, where he served as a senator representing Lagos West.
The president lamented that for five decades, Nigeria had been depleting resources meant for future generations while also subsidizing fuel consumption in West African countries. He stressed that this unsustainable practice made it increasingly difficult to plan for the country’s long-term development.
Reflecting on the challenges his administration faced upon assuming office, Tinubu acknowledged the economic and social turbulence but expressed gratitude for the support he had received in navigating the crisis.
“We faced serious headwinds when I took over—very challenging times. Nigeria would have been bankrupt if we had not taken decisive action to prevent economic collapse,” Tinubu said.
He asserted that his reforms were already yielding results, citing a stabilizing exchange rate and declining food prices, particularly during Ramadan. “Today, we are on a solid foundation. We have reversed the problem. The exchange rate is stabilizing, and food prices are coming down. There is light at the end of the tunnel,” he assured.
The president reaffirmed his commitment to democracy, emphasizing that adherence to democratic principles remains the surest path to economic, social, and political progress.
“I am happy that you remain committed to democracy. Some leaders failed, some missed the ball, but we upheld our belief in democratic values, freedom, and the right to aspire to the highest office in the land. I am a beneficiary of that faith,” Tinubu concluded.
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