President Bola Tinubu discussed the rationale behind his economic reforms, emphasizing the protection of future generations’ interests and acknowledging challenges faced by his administration. He highlighted progress in stabilizing the economy and the importance of democratic values, while also noting the positive impact of new initiatives supporting youth through education loans and consumer credit.
President Bola Tinubu articulated the purpose of his administration’s economic reforms, emphasizing their aim to safeguard the interests of future generations, as Nigeria has historically expended resources intended for those generations. He stated, “For 50 years, Nigeria was spending money of generations yet unborn and servicing the West coast of our subregion with fuel.”
During a meeting with former National Assembly colleagues from the aborted Third Republic, President Tinubu described the economic and social challenges encountered at the outset of his term. He reflected on the serious difficulties that could have led Nigeria to bankruptcy had his administration not taken decisive actions. “We faced serious headwinds when I took over, very challenging times,” he noted.
The President expressed gratitude to Nigerians for their support in overcoming these issues and mentioned that his administration has successfully stabilized the economy and reversed negative trends. He stated, “Today, we are sitting pretty on a good foundation. We have reversed the problem; the Exchange rate is stabilizing,” adding optimism about future improvements in food prices during Ramadan.
He further remarked on the importance of adhering to democratic principles as crucial for national development. “I thank you for keeping faith and remembering how we started,” he stated, recognizing past leadership failures and the continuity of democratic values.
Emmanuel Nwaka, representing the delegation, praised the administration’s initiatives, notably the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation (CREDICORP). He emphasized their significance for the youth, stating, “I appreciate you for what you are giving to students because the student population is the largest demographic in the country.”
Nwaka also highlighted the impact of CREDICORP in combating corruption by providing financial means to young individuals entering the workforce, enhancing their opportunities to purchase necessary items like cars and houses. Other members of the delegation included Bako Musa, Terwase Orbunde, Wasiu Logun, Amina Aliyu, Obi Anoliefo, and Eze Nwauwa.
In summary, President Bola Tinubu articulated the rationale for his economic reforms, centered on protecting future generations’ interests after decades of mismanagement. He acknowledged the significant challenges faced by his administration and highlighted the importance of democratic values in fostering development. He expressed optimism about the current economic stabilization and praised new initiatives supporting the youth in Nigeria.
Original Source: businessday.ng
