President Bola Tinubu has stated that Nigeria could have faced bankruptcy if his administration had not taken immediate action after he took office in May 2023.
He explained that for many years, the country was spending money meant for future generations while also providing fuel to the West Coast region.
Tinubu shared these remarks at the State House in Abuja while meeting with a group of former National Assembly members from the Third Republic, a period during which he served as a Senator representing Lagos West.
“For 50 years, Nigeria was spending 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,
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. President Tinubu declared that the administration had been able to stem the tide and expressed appreciation to Nigerians for their collective support in turning things around.
Today, we are sitting pretty on a good foundation. We have reversed the problem; the Exchange rate is stabilising. Food prices are coming down, especially during Ramadan. We will have light at the end of the tunnel.”
