Tinubu Asserts End of Fuel Subsidy Prevented Nigeria’s Bankruptcy

President Bola Tinubu stated that Nigeria faced imminent bankruptcy without ending the fuel subsidy and implementing reforms. He attributed the need for these actions to protect future generations, highlighted the economic challenges upon his accession, and expressed gratitude for citizen support. Initiatives like the Nigerian Education Loan Fund are praised for aiding students.

President Bola Tinubu announced that Nigeria was on the brink of bankruptcy but was able to avert this crisis through the termination of the fuel subsidy and the implementation of key economic reforms. Addressing former National Assembly colleagues from the Third Republic at the State House in Abuja, he emphasized that protecting future generations motivated these decisive actions.

Tinubu referenced the fiscal imprudence that had persisted over the past 50 years, stating that Nigeria was spending resources meant for future generations while also supporting the surrounding regions with fuel supplies. This mismanagement complicated planning for the welfare of upcoming generations.

The President articulated the numerous economic and social challenges he inherited upon taking office and highlighted the necessity of immediate and strategic actions to prevent financial disaster. He reiterated, “Nigeria would have been bankrupt if we had not taken the actions that we took.”

In acknowledgment of citizen support for his reforms, Tinubu credited their contributions for stabilizing the exchange rate and reducing food costs, notably during Ramadan. He conveyed optimism, asserting, “Today, we are sitting pretty on a good foundation. We have reversed the problem; the Exchange rate is stabilising.”

Furthermore, President Tinubu reaffirmed his belief that democracy is essential for fostering economic, social, and political advancement in Nigeria. His remarks included a nod to those who stay committed to democratic principles, recalling earlier days that led to his current leadership role.

In turn, Senator Emmanuel Nwaka, representing the visiting delegation, expressed gratitude for governmental initiatives such as the Nigerian Education Loan Fund and the Nigerian Consumer Credit Corporation. He remarked on their potential to ease the burdens faced by the nation’s largest demographic, the student population, noting their significant benefits from these programs.

Senator Nwaka also lauded CREDICORP, describing it as an effective tool against corruption, with capabilities to assist young adults in acquiring vehicles and housing without requiring substantial upfront cash. The delegation included various notable members, including Sen. Bako Musa and Terwase Orbunde, who discussed the positive impacts of these programs further.

In conclusion, President Bola Tinubu’s decisive actions to eliminate the fuel subsidy and implement essential economic reforms were crucial in averting Nigeria’s impending financial crisis. His administration has focused on stabilizing the economy and fostering support for democratic practices, while also introducing impactful initiatives that aim to benefit the nation’s youth. The collaborative spirit of Nigerians has been pivotal in navigating these challenges and initiating positive changes.

Original Source: punchng.com