According to President Bola Tinubu, Nigeria narrowly avoided bankruptcy thanks to critical measures enacted by his administration in its early days.
The President made these remarks while hosting former lawmakers from the discontinued Third Republic at Abuja's State House. During this meeting, Tinubu addressed the difficult economic situation his team inherited and explained the strategic interventions they introduced to prevent the country's fiscal system from deteriorating further.
“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,” he said.
President Tinubu conveyed his appreciation to Nigerian citizens for their backing during these challenging economic times, emphasizing the significant improvements achieved in bringing stability to the nation's financial system.
“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.
The President underscored that democratic governance remains the optimal route for advancing Nigeria's economic growth, social welfare, and political evolution. He praised his former legislative associates for their unwavering dedication to upholding democratic principles throughout their careers.
“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. Some leadership failed, but we kept the faith with our democratic beliefs, freedom, and the right to aspire to the highest office in the land. I am benefitting from it.”
These statements from President Tinubu coincide with his government's ongoing implementation of financial restructuring measures designed to strengthen Nigeria's economic foundation and enhance broader financial circumstances across the country.
It would be recalled that the president on his inauguration in May 29, 2023 abolished the fuel subsidy regime this had unleashed untold hardship on millions of Nigerians, although his administration has put in place measures in cushioning the effects of subsidy but millions still facing the reality of the fuel subsidy removal.
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