President Bola Ahmed Tinubu has explained that the primary motivation behind his administration’s sweeping economic reforms is to safeguard the interests of future generations of Nigerians.

Speaking at the State House in Abuja while receiving a delegation of his former National Assembly colleagues from the aborted Third Republic, Tinubu emphasized that for decades, Nigeria had been spending beyond its means.

“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,” the President said.

Reflecting on the early days of his administration, Tinubu described the economic and social conditions he inherited as extremely challenging, warning that the country was at risk of bankruptcy without urgent intervention.

“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,” he stated.

President Tinubu expressed optimism that the country is now on a stronger footing, citing improvements in the exchange rate and a reduction in food prices, particularly during the Ramadan period.

“Today, we are sitting pretty on a good foundation. We have reversed the problem; the exchange rate is stabilising. Food prices are coming down. We will have light at the end of the tunnel,” he assured.

He further stressed that strict adherence to democratic principles remains crucial for sustainable economic, social, and political development.

“I am happy that you are holding to your belief in democracy. I thank you for keeping faith and remembering how we started. Some leadership failed, but we kept the faith with our democratic beliefs and freedom — and the right to aspire to the highest office in the land. I am benefitting from it,” Tinubu added.

Speaking on behalf of the delegation, Senator Emmanuel Chiedoziem Nwaka commended the President for initiatives such as the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation (CREDICORP), noting their positive impact on students and young Nigerians.

“I appreciate you for what you are giving to students because the student population is the largest demographic in the country. I’ve spoken with many of them, and many have benefited from it,” Nwaka said.

“And the next one is the CREDICORP. That’s a major way of fighting corruption. With CREDICORP, young Nigerians can access credit to buy cars or homes without the need for huge upfront payments,” he added.

Other members of the delegation included Senator Bako Aufara Musa, Hon. Terwase Orbunde, Hon. Wasiu Logun, Hon. Amina Aliyu, High Chief Obi Anoliefo, and Hon. Eze Nwauwa.