President Bola Ahmed Tinubu has defended his administration’s economic reform policies, emphasizing that the tough measures are essential to prevent Nigeria from falling into bankruptcy despite the economic hardship they have caused.
Speaking at the State House in Abuja during a visit from his former National Assembly colleagues from the aborted Third Republic, Tinubu acknowledged the challenges faced by ordinary Nigerians but maintained that the reforms were vital for the nation’s long-term economic stability.
“For 50 years, Nigeria was spending the money of generations yet unborn and servicing the West Coast of our subregion with fuel. It was getting difficult to plan for our children’s future,” Tinubu said.
He stressed that without implementing stringent economic policies, future generations would face severe economic and social difficulties.
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Positive Signs Emerging from Economic Reforms
Despite public concerns, President Tinubu expressed gratitude to Nigerians for their resilience and support during the economic transition, asserting that the reforms are already producing positive results.
“Today, we are sitting pretty on a good foundation. We have reversed the problem; the exchange rate is stabilizing, and food prices are coming down, especially during Ramadan. We will have light at the end of the tunnel,” he assured.
He also commended his former colleagues for their commitment to democratic values and for maintaining their faith in the country’s democratic journey.
“I am happy that you are holding to your belief in democracy. I thank you for keeping faith and remembering how we started. Some people missed the ball,” Tinubu added.
Reform Policies Yielding Economic Benefits
At the meeting, Senator Emmanuel Chiedoziem Nwaka, who was part of the delegation, praised the success of the administration’s reform initiatives. He highlighted the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation (CREDICORP) as key programs that have positively impacted ordinary Nigerians.
The President’s remarks come amid mounting public concern over rising inflation and living costs, with critics arguing that the economic reforms, including the removal of fuel subsidies, have deepened hardship for millions. However, Tinubu remains optimistic that the nation’s economic trajectory is on a path to long-term recovery.
