President Bola Tinubu has defended his administration’s economic policies, stating that the primary objective is to safeguard the interests of future generations.
In a statement issued by his spokesperson, Bayo Onanuga, Tinubu addressed a delegation of his former National Assembly colleagues from the defunct Third Republic at the State House in Abuja on Thursday.
Tinubu, who served as a Senator representing Lagos West during that period, emphasized the necessity of his government’s reforms.
He criticized Nigeria’s past economic management, highlighting that for decades, the country had been spending resources meant for future generations while also supplying subsidized fuel to neighboring West African nations. This, he explained, made long-term planning for Nigeria’s development increasingly difficult.
Reflecting on the challenges his administration faced upon assuming office, Tinubu acknowledged the economic and social struggles but expressed gratitude for the support of Nigerians and his former colleagues.
“When I took over, the country was facing severe financial distress. If we had not acted swiftly, Nigeria would have been on the brink of bankruptcy. Our policies were essential to prevent economic collapse,” Tinubu stated.
The president noted that his government’s efforts have started yielding positive results, citing the stabilization of the exchange rate and a decline in food prices, particularly during the Ramadan period.
“Today, we are laying a strong economic foundation. The exchange rate is stabilizing, and food prices are gradually decreasing. There is light at the end of the tunnel,” he reassured.
Tinubu also underscored his commitment to democratic governance, asserting that adherence to democratic principles remains the best path for national progress.
“I am pleased that you have remained steadfast in your belief in democracy. Some leaders lost sight of the goal, but we stayed true to our democratic values, the freedom to aspire, and the right to serve our nation. I am a beneficiary of that system,” he added.
His remarks come amid ongoing public debates about the impact of his administration’s economic policies, including the removal of fuel subsidies and foreign exchange market reforms. While some Nigerians have praised the government’s efforts to restructure the economy, others have raised concerns about the short-term hardships these policies have caused.
As Tinubu continues to push forward with his reform agenda, his administration remains focused on stabilizing the economy and creating a more sustainable future for the country.
