Nigerian President Bola Ahmed Tinubu has shed light on the reasoning behind his administration’s economic reforms, emphasizing that the primary goal is to safeguard the interests of future generations and prevent national bankruptcy.
A statement by spokesman, Bayo Onanuga, said the president spoke on Thursday at the State House in Abuja while receiving a delegation of former National Assembly colleagues from the aborted Third Republic, during which he served as a Senator representing Lagos West.
“We faced serious headwinds when I took over, very challenging times. Nigeria would have been bankrupt if we had not taken the actions that we took, and we had to prevent the economy’s collapse.
“Today, we are sitting pretty on a good foundation. We have reversed the problem; the Exchange rate is stabilising. Food prices are coming down, especially during Ramadan. We will have light at the end of the tunnel,” he said.
Key Details:
- Challenges Inherited: President Tinubu highlighted the severe economic challenges he faced upon assuming office, including unsustainable spending practices that depleted resources meant for future generations.
- Fuel Subsidy Concerns: He criticized the long-standing practice of subsidizing fuel prices beyond Nigeria’s borders, which he described as detrimental to the nation’s financial stability.
- Decisive Actions: Tinubu stated that his administration had to take bold steps to avert an economic collapse, including reforms aimed at stabilizing the exchange rate and reducing food prices.
- Positive Outcomes: The President reassured Nigerians that the economy is now on a stronger foundation, with signs of improvement such as a stabilizing exchange rate and declining food prices, particularly during Ramadan.
This explanation underscores the administration’s commitment to addressing Nigeria’s economic challenges while laying a foundation for sustainable growth.
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