President Bola Tinubu addressed former National Assembly members about Nigeria’s past financial mismanagement over 50 years and the necessity for economic reforms like removing fuel subsidies. He praised the resilience of Nigerians in supporting these reforms and highlighted initiatives aimed at supporting education and young professionals, ensuring a brighter future.
President Bola Tinubu recently addressed a delegation of former National Assembly colleagues, stating that Nigeria had mismanaged resources for the last 50 years, jeopardizing future generations. He highlighted the urgency of implementing economic reforms, including the removal of fuel subsidies, to avoid imminent bankruptcy and ensure a sustainable future. Tinubu characterized the economic conditions upon his assumption of office in May 2023 as dire, necessitating decisive action to prevent financial collapse.
He commended Nigerians for their resilience, asserting that recent stabilizations in the exchange rate and declines in food prices are evidence of the positive impact of these reforms. “Today, we are sitting pretty on a good foundation… We will have light at the end of the tunnel,” Tinubu remarked, emphasizing the stabilizing economy as a favorable development, especially during Ramadan.
Furthermore, Tinubu highlighted the importance of democracy in facilitating economic and social progress, encouraging adherence to democratic values. Reflecting on his political past, he recognized the influence of his experiences during the Third Republic on his leadership style.
Senator Emmanuel Nwaka, representing the delegation, praised Tinubu’s economic initiatives, such as the Nigerian Education Loan Fund and the Nigerian Consumer Credit Corporation. He noted these programs were instrumental in alleviating financial burdens for students, who comprise a significant demographic in Nigeria. Nwaka also endorsed the new credit system, CREDICORP, designed to assist young professionals with financing for essential purchases, enhancing their economic opportunities.
In summary, President Bola Tinubu underscored the critical economic reforms taking place to rectify financial mismanagement in Nigeria over the past five decades. His administration’s actions aim to stabilize the economy and secure a better future for upcoming generations. Additionally, the recent initiatives supporting education and young professionals are indicative of a focus on sustainable growth and financial empowerment for citizens.
Original Source: saharareporters.com
