President Bola Tinubu has declared that his administration’s early economic reforms were necessary to prevent Nigeria from plunging into bankruptcy, stating that he took over a country on the brink of financial collapse after the tenure of his predecessor, Muhammadu Buhari.
Tinubu made the remarks on Thursday while addressing a delegation of his former National Assembly colleagues from the aborted Third Republic at the State House in Abuja.M
“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 stated
The president’s comments come amid growing criticism over his economic policies, particularly the removal of fuel subsidies, which has contributed to inflation and soaring costs of consumer goods.
Despite the economic hardship, Tinubu insisted that his policies were necessary to ensure a stable future for the country.
“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,” he explained.
Tinubu, who took office in May 2023, has maintained that his economic decisions, including the unification of exchange rates, are setting the country on the path to recovery. He noted that inflation had begun to ease, and food prices were stabilizing, especially during the ongoing 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, especially during Ramadan. We will have light at the end of the tunnel,” the president said.
Tinubu’s remarks about inheriting a struggling economy under Buhari may raise political tensions, given that both leaders remain key allies within the ruling All Progressives Congress (APC). Buhari, who served from 2015 to 2023, had insisted that he left Nigeria in a better state than he met it.
His successor’s statement could be perceived as a veiled criticism of his administration.
However, Buhari, who now resides in Kaduna, has yet to publicly respond. A spokesman for the former president did not immediately return requests for comment on Thursday night.
Amid speculation about Buhari’s loyalty to the APC ahead of the 2027 elections, the former president issued a statement earlier in the day reaffirming his support for Tinubu and dismissing claims that he was considering aligning with opposition forces.
During the meeting, Senator Emmanuel Chiedoziem Nwaka, who spoke on behalf of the delegation, commended Tinubu’s administration for introducing initiatives such as the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation (CREDICORP).
“I appreciate you for what you are giving to students because the student population is the largest demographic in the country. Many have benefited from it,” Nwaka said.
He also highlighted CREDICORP as a significant tool in combating corruption, enabling young Nigerians to access financial opportunities without relying on illicit sources of wealth.
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.
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