Market News

By Nwafor Sunday

Abuja – President Bola Tinubu has stated that Nigeria would have faced bankruptcy if not for the decisive actions taken by his administration upon assuming office.

Speaking at the State House in Abuja while receiving a delegation of former National Assembly colleagues from the aborted Third Republic, Tinubu reflected on the economic challenges his government inherited and the measures implemented to avert a collapse.

“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,” he said.

The president expressed gratitude to Nigerians for their support in navigating the crisis, highlighting the progress made in stabilizing the economy.

“Today, we are sitting pretty on a good foundation. We have reversed the problem; the exchange rate is stabilizing, and food prices are coming down, especially during Ramadan. We will have light at the end of the tunnel,” he assured.

Tinubu also emphasized the importance of democracy as the best path to economic, social, and political development, commending his former colleagues for their commitment to democratic ideals.

“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, freedom, and the right to aspire to the highest office in the land. I am benefitting from it.”

His remarks come as his administration continues to implement economic reforms aimed at stabilizing the nation’s finances and improving overall economic conditions.