President Bola Tinubu has revealed that Nigeria was on the verge of bankruptcy before his administration removed the fuel subsidy and introduced key economic reforms. Speaking in Abuja while receiving former National Assembly colleagues, Tinubu said these urgent actions were necessary to secure the country’s financial future.
He explained that for decades, Nigeria had been spending beyond its means, even subsidizing fuel for neighboring countries. Without immediate intervention, he warned, the nation’s economy would have collapsed. However, he assured Nigerians that the economy is now stabilizing, with improvements in the exchange rate and food prices.
The delegation, led by Senator Emmanuel Nwaka, commended Tinubu’s policies, especially the Nigerian Education Loan Fund and the Consumer Credit Corporation (CREDICORP). They praised the initiatives for easing financial burdens and creating opportunities for Nigerians.