President Bola Tinubu has stated that Nigeria would have gone bankrupt if his administration had not made tough decisions when he took office in May 2023.

Speaking at the State House in Abuja, Tinubu explained that for years, Nigeria had been spending money that belonged to future generations. He also mentioned that the country was supplying fuel to the West Coast region while struggling with its own financial problems.

Tinubu made these remarks while receiving a group of former National Assembly members from the aborted Third Republic, where he once served as a senator representing Lagos West.

His statement highlights the economic challenges Nigeria faced and the steps his government took to prevent financial collapse.

“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.”