President Bola Tinubu has expressed concern over Nigeria’s financial mismanagement, stating that for the past 50 years, the country has spent funds meant for future generations rather than investing in sustainable growth.
Tinubu made this statement while hosting former senators of the Third Republic at the Presidential Villa in Abuja.
The delegation, which included lawmakers who served during his tenure as a senator representing Lagos West, visited him on Thursday, March 13.
A statement released by presidential aide Bayo Onanuga quoted Tinubu as saying that his administration is committed to securing the future of young Nigerians.
“For five decades, Nigeria spent money that should have been reserved for future generations while also providing subsidized fuel to the West African subregion. This approach made long-term planning for our children increasingly difficult,” the president remarked.
Speaking on the economic situation, Tinubu noted that Nigeria was facing a financial crisis when he assumed office but took decisive measures to prevent an economic collapse.
“When I took over, we encountered serious financial challenges. Without urgent intervention, Nigeria would have gone bankrupt. Today, we have put the economy on a stronger footing, the exchange rate is stabilizing, and food prices are gradually decreasing, especially during Ramadan. There is hope on the horizon,” he said.
Representing the delegation, Emmanuel Nwaka commended Tinubu’s policies, particularly initiatives aimed at students and the introduction of the Credit Corporation (CREDICORP) scheme.
“We appreciate your efforts in supporting students, as many have already benefited. The CREDICORP initiative is also a significant step in combating corruption by enabling young people to access financial support without relying on cash transactions,” Nwaka stated.
Among the delegation were Sen. Bako Aufara Musa, Hon. Terwase Orbunde, Hon. Wasiu Logun, Hon. Amina Aliyu, High Chief Obi Anoliefo, and Hon. Eze Nwauwa.