President Bola Tinubu declared that Nigeria faced imminent bankruptcy if the fuel subsidy had not been ended. He emphasized the necessity of economic reforms for future generations, credited citizens for supporting these reforms, and noted improvements in the economy. Tinubu endorsed democracy as key to development, while Senator Nwaka praised educational and financial initiatives as beneficial for students.
On Thursday, President Bola Tinubu asserted that Nigeria was on the brink of bankruptcy without the swift termination of fuel subsidies and the introduction of essential economic reforms. Speaking to former National Assembly members at the State House in Abuja, he emphasized that these actions were essential to safeguard future generations’ interests. He stated, “For 50 years, Nigeria was spending money of generations yet unborn and servicing the West coast of our sub-region with fuel.”
Tinubu highlighted the significant economic and social challenges his administration faced, which necessitated prompt action to avert financial disaster. He remarked, “We faced serious headwinds when I took over… and we had to prevent the economy’s collapse.” He praised the support from Nigerians, which contributed to stabilizing the exchange rate and lowering food prices.
The President noted improvements in the economy, asserting, “Today, we are sitting pretty on a good foundation… Food prices are coming down, especially during Ramadan.” He also reaffirmed his commitment to democracy as a pathway to sustainable development, recalling his experiences in the Third Republic.
Representing the delegation, Senator Emmanuel Nwaka commended the administration’s educational and consumer credit initiatives, such as the Nigerian Education Loan Fund and the Nigerian Consumer Credit Corporation. He underscored their potential to alleviate financial burdens on students and promote accessible financing options.
Senator Nwaka stated, “I appreciate you for what you are giving to students… the student population is the largest demographic in the country.” He highlighted these reforms’ significance in combating corruption and improving economic opportunities for young Nigerians.
Other delegation members included Senators Bako Musa, Terwase Orbunde, Hon. Wasiu Logun, Amina Aliyu, Obi Anoliefo, and Eze Nwauwa.
President Bola Tinubu’s recent remarks at a gathering of former National Assembly colleagues underscored his administration’s critical decisions to terminate fuel subsidies and implement economic reforms aimed at preventing bankruptcy. He credited Nigerian citizens for their support, which facilitated positive economic indicators such as a stabilizing exchange rate and decreasing food prices. The President reaffirmed democracy as vital for sustained development, while Senator Nwaka highlighted several impactful initiatives underscoring the administration’s efforts to alleviate financial challenges for students and promote economic growth.
Original Source: punchng.com
