President Bola Ahmed Tinubu has justified his administration’s sweeping economic reforms, insisting that the measures are necessary to safeguard the interests of future generations. He argued that Nigeria’s resources had been recklessly mismanaged over the past 50 years, making decisive action unavoidable.
Tinubu made these remarks at the State House in Abuja while hosting a delegation of former National Assembly colleagues from the defunct Third Republic, during which he reflected on the economic and social hurdles faced at the start of his presidency.
His comments came as the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, reassured Nigerians that the worst of the country’s economic troubles was over. Meanwhile, National Security Adviser (NSA) Nuhu Ribadu vowed to sustain efforts to protect the naira from abuse and economic sabotage.
Nigeria Was on the Brink of Bankruptcy
Addressing his visitors, Tinubu painted a bleak picture of Nigeria’s financial state before his administration took office, arguing that without urgent interventions, the country would have collapsed economically.
“For half a century, Nigeria spent the wealth of unborn generations while subsidizing fuel for neighboring countries,” Tinubu said. “When I assumed office, the challenges were overwhelming, and the nation was on the verge of bankruptcy. We had no choice but to act decisively to prevent total economic collapse.”
Despite the hardship caused by some of his policies, Tinubu assured Nigerians that the economy was now on a stronger footing.
“Today, we have laid a solid foundation for economic recovery. The exchange rate is stabilizing, and food prices are beginning to decline, especially during Ramadan. There is light at the end of the tunnel,” he said.
He reaffirmed his belief that democracy remains the best path to sustainable economic, social, and political development.
Praise and Support from Former Legislators
Speaking on behalf of the delegation, former senator Emmanuel Nwaka commended Tinubu for his bold economic policies, particularly initiatives like the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation (CREDICORP).
“I appreciate your commitment to students, as they form the largest demographic in the country. Many have already benefited from NELFUND,” Nwaka said.
He also lauded the establishment of CREDICORP, calling it a crucial step toward reducing corruption by enabling young professionals to access credit for essential purchases like homes and vehicles, rather than resorting to questionable financial dealings.
Cardoso: Nigeria Has Passed the Worst Phase
CBN Governor Olayemi Cardoso reassured Nigerians that the economy is now on a path to recovery, stating that confidence in the naira is growing and more people are choosing to keep their assets in local currency.
According to Cardoso, recent improvements in the economy were made possible by close collaboration between the CBN and the Office of the National Security Adviser (ONSA), which helped combat economic sabotage and stabilize the financial system.
“The most difficult part of this economic journey is behind us. The time for fear is over,” Cardoso declared.
CBN and NSA Strengthen Financial Security Measures
At a recent meeting on security in cash cycle operations, Cardoso emphasized the importance of protecting Nigeria’s financial system from threats such as illicit currency trading and unauthorized cash movements.
He raised concerns over operational inefficiencies, including disruptions in cash transportation, inconsistent security escort pricing, and the illegal commoditization of cash by Point of Sale (PoS) operators.
Ribadu, in his remarks, highlighted the national security risks associated with cash abuse, warning that lax enforcement of financial laws could undermine Nigeria’s economic stability.
“If we don’t punish offenders, they will only continue their actions,” Ribadu stated, calling for stricter enforcement against financial misconduct.
CBN’s Commitment to Financial Inclusion and Gender Equity
Meanwhile, Deputy Governor of CBN, Emem Usoro, reaffirmed the central bank’s commitment to expanding financial inclusion, particularly for women and underserved communities. Speaking at an event in London marking International Women’s Day, Usoro outlined initiatives aimed at reducing Nigeria’s gender gap in access to finance.
She disclosed that CBN had conducted a nationwide assessment and established a Gender Desk within its Financial Inclusion Unit to address obstacles such as limited financial literacy and distrust in financial service providers.
“With macroeconomic stability taking hold, our focus is now shifting toward financial sector reforms that will empower more Nigerians, particularly women,” Usoro stated.
She called on stakeholders to support policies that enhance women’s access to credit, digital finance, and business opportunities.
Looking Ahead
Despite the challenges Nigeria has faced, Tinubu remains confident that his policies will lead to long-term economic stability. His administration continues to push for tighter security measures around financial operations, expanded credit access for citizens, and stronger collaboration between government agencies to sustain recent economic gains.
As the country moves forward, the government’s success will be judged not just by its reforms but by the tangible improvements Nigerians experience in their daily lives.
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