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President Bola Tinubu has revealed that Nigeria was on the verge of bankruptcy before his administration implemented tough economic reforms to rescue the country from financial collapse.

Speaking at the State House in Abuja while receiving former National Assembly colleagues from the aborted Third Republic, Tinubu defended his administration’s policies, stating that hard decisions were necessary to protect future generations.

‘Nigeria Was Living on Borrowed Time’

Tinubu explained that for over 50 years, Nigeria had been recklessly spending resources meant for unborn generations while simultaneously subsidizing fuel for West African countries.

💬 “For decades, Nigeria was using money meant for future generations and servicing the West Coast with fuel. Planning for our children's future was becoming impossible,” he stated.

The Harsh Reforms That Changed Nigeria

Acknowledging the initial economic hardships, Tinubu insisted that his government’s actions prevented a total collapse of the economy.

💬 “We faced serious headwinds when I took over. Nigeria would have gone bankrupt if we had not taken the bold steps we took. But now, the economy is stabilizing, the exchange rate is improving, and food prices are beginning to drop, especially during Ramadan,” he assured.

‘Democracy Is the Only Way Forward’

Tinubu also stressed that democracy remains Nigeria’s best hope for economic and political progress.

💬 “Some leadership failed, but we never wavered in our democratic beliefs and our right to aspire to the highest office. Today, I am a beneficiary of that faith,” he said.

What Leaders Are Saying About Tinubu’s Reforms

Senator Emmanuel Chiedoziem Nwaka, speaking on behalf of the delegation, praised key policies such as the Nigerian Education Loan Fund (NELFUND) and the Consumer Credit Corporation (CREDICORP).

💬 “NELFUND is giving students opportunities, and CREDICORP is helping young Nigerians secure homes and cars without paying cash upfront. This is a major step in fighting corruption,” Nwaka said.

The delegation also included Senator Bako Aufara Musa, Hon. Terwase Orbunde, Hon. Wasiu Logun, Hon. Amina Aliyu, High Chief Obi Anoliefo, and Hon. Eze Nwauwa.

Essential News Analysis: Can Tinubu's Reforms Deliver Long-Term Growth?

With Tinubu’s government claiming to have averted financial disaster, Nigerians are now watching closely—will these policies lead to real, lasting economic relief, or is the worst yet to come?

Stay with Essential News for in-depth updates.