Nigeria spent future generations’ wealth for 50 years, says Tinubu

By Kunle Sanni

President Bola Tinubu has defended his administration’s economic reforms, stating that they were necessary to safeguard the future of Nigeria’s younger generations.

“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 on Thursday while receiving a delegation of former National Assembly colleagues from the aborted Third Republic at the State House, Abuja.

The President acknowledged the economic and social difficulties his administration faced at its onset, emphasizing that bold decisions were necessary to prevent the country’s collapse.

“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,” he said.

However, Tinubu assured Nigerians that the economic situation is improving, citing a stabilizing exchange rate and declining food prices, particularly during Ramadan.

“Today, we are sitting on a good foundation. We have reversed the problem. The exchange rate is stabilizing. Food prices are coming down. We will see light at the end of the tunnel.”

The President also reaffirmed his commitment to democracy, stating that upholding democratic values remains the best path to economic, social, and political development.

“I am happy that you are holding on to your belief in democracy. Some leaderships failed, but we kept the faith, and today, I am benefitting from it.”