President Bola Tinubu declared that Nigeria was on the brink of bankruptcy without the ending of the fuel subsidy, which he termed essential for protecting future generations. He praised the support from Nigerians for reforms that stabilized the economy, emphasizing democracy as key to development. Senator Emmanuel Nwaka expressed appreciation for the government’s educational initiatives.
In a recent address, President Bola Tinubu asserted that Nigeria faced imminent bankruptcy without the swift termination of the fuel subsidy and the implementation of essential economic reforms. During a meeting with former National Assembly colleagues from the Third Republic, he emphasized that his actions aimed to safeguard the future of the Nigerian populace.
Tinubu noted that over the past fifty years, the country had been exhausting resources meant for future generations, particularly in providing fuel to neighboring regions, which hindered proper planning for its youth. He highlighted the serious economic and social challenges at the beginning of his presidency, stating, “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.”
The President acknowledged Nigerians for their support of the reforms, crediting it with stabilizing the exchange rate and reducing food prices during Ramadan. He stated, “Today, we are sitting pretty on a good foundation… We will have light at the end of the tunnel.”
Emphasizing the importance of democracy in fostering development, Tinubu praised those who uphold democratic ideals, connecting his current position to the principles championed during the Third Republic. Senator Emmanuel Nwaka, representing the visiting delegation, commended the government’s initiatives like the Nigerian Education Loan Fund, highlighting their positive impact on the youth and financial ease for students.
During his remarks, Senator Nwaka stated that programs like CREDICORP would significantly aid young individuals by providing easier access to financial resources, thus combating corruption and facilitating personal development. The delegation included notable members such as Sen. Bako Musa and Terwase Orbunde.
In conclusion, President Bola Tinubu’s decision to abolish the fuel subsidy and initiate economic reforms has been portrayed as vital to preventing Nigeria’s financial collapse. His government seeks to build a stable economic foundation while emphasizing democratic principles as pivotal for progress. The positive reception from former lawmakers further underscores the perceived efficacy of these initiatives in addressing educational and economic challenges.
Original Source: punchng.com
