Tinubu: How I saved Nigeria from bankruptcy

President Bola Tinubu says the rationale behind his administration’s economic reforms was to protect the interests of future generations.

Tinubu stated that his administration’s economic reforms prevented the nation’s economy from being collapsed.

Tinubu said this at the Presidential Villa in Abuja on Thursday, March 13, 2025, while receiving a delegation of former National Assembly colleagues from the aborted Third Republic, during which he served as a Senator representing Lagos West.

The president highlighted the challenges faced at the beginning of his administration, especially economic and social issues, and expressed his gratitude for the delegation’s support in addressing these difficulties.

He said: 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.”

Tinubu declared that his administration had been able to stem the tide and expressed appreciation to Nigerians for their collective support in turning things around.

Tinubu added: “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.”

He said firm adherence to democratic tenets was the best route to economic, social, and political development.

Tinubu meets Obasa, Meranda, other Lagos lawmakers at Aso Rock

Tinubu stated: 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 and freedom and the right to aspire to the highest office in the land. I am benefitting from it.”

Emmanuel Nwaka, who spoke on behalf of the group, expressed his delight at some of the programmes that Tinubu’s administration had implemented, especially the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation (CREDICORP).

Nwaka said: “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.

“And the next one is the CREDICORP. That’s a major way of fighting corruption.

“You see a young man, you come out of school, you want to buy a car, you have to put down cash, you want to buy a house, and you are not married, but with the CREDICORP, you can get things done.

“I’m following their activities; we are delighted.”

The Star