By Oyinkansayo Wole-Bodunde
President Bola Tinubu revealed that Nigeria was on the verge of bankruptcy when he took office, but his administration’s swift actions prevented economic collapse.
Speaking at the State House in Abuja, Tinubu met with former National Assembly colleagues from the Third Republic and reflected on the economic challenges he inherited.
“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 said.
Tinubu expressed gratitude to Nigerians for their support during this critical period, stating the progress made in stabilizing the economy. “Today, we are sitting pretty on a good foundation. We have reversed the problem; the exchange rate is stabilizing, and food prices are coming down, especially during Ramadan. We will have light at the end of the tunnel,” he said.
The president also emphasized the importance of democracy in driving economic, social, and political development. He commended his former colleagues for their commitment to democratic ideals, saying, “I am happy that you are holding to your belief in democracy. I thank you for keeping faith and remembering how we started. Some people missed the ball. Some leadership failed, but we kept the faith with our democratic beliefs, freedom, and the right to aspire to the highest office in the land. I am benefitting from it.”
Tinubu’s administration continues to implement economic reforms to stabilize Nigeria’s finances and improve overall economic conditions.
