President Bola Tinubu outlined the rationale behind his administration’s economic reforms on Thursday, March 13, 2025, emphasizing that the primary objective is to safeguard the interests of future generations.
He made this statement 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.
“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 stated, as quoted in a statement by his media aide, Bayo Onanuga.
He acknowledged the economic and social challenges faced at the onset of his administration and expressed gratitude for the delegation’s support in addressing these issues.
“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,” Tinubu said.
The President noted that the administration had made significant progress in stabilizing the economy and appreciated Nigerians for their collective support.
“Today, we are sitting pretty on a good foundation. We have reversed the problem; the exchange rate is stabilizing. Food prices are coming down, especially during Ramadan. We will have light at the end of the tunnel.”
Commitment to Democracy
Tinubu reaffirmed his belief that adherence to democratic principles is the best path to economic, social, and political development.
“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 and freedom and the right to aspire to the highest office in the land. I am benefitting from it.”
Support for Education and Consumer Credit
Speaking on behalf of the delegation, Senator Emmanuel Chiedoziem Nwaka commended Tinubu for his administration’s initiatives, particularly the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation (CREDICORP).
*”I appreciate you for what you are giving to students because the student population is the largest demographic in the country. I’ve spoken with many of them, and many have benefited from it.
“And the next one is CREDICORP. That’s a major way of fighting corruption. You see a young man, you come out of school, you want to buy a car, you have to put down cash, you want to buy a house, and you are not married, but with CREDICORP, you can get things done. I’m following their activities; we are delighted,”* he said.
The delegation included Senator Bako Aufara Musa, Hon. Terwase Orbunde, Hon. Wasiu Logun, Hon. Amina Aliyu, High Chief Obi Anoliefo, and Hon. Eze Nwauwa.
