Nigeria

President Bola Tinubu has said that Nigeria spent the past 50 years and more depleting funds meant for future generations.

The president expressed his displeasure when some senators of the Third Republic visited him at the Presidential Villa in Aso Rock, Abuja.

In a statement issued by Bayo Onanuga, the senators of the Third Republic, which Tinubu served as a Senator representing Lagos West, were at the Villa on Thursday, March 13.

At the meeting, the president said the primary motive of his administration was to protect the interest of future generations.

Tinubu said, “For 50 years, Nigeria was spending money of generations yet unborn and servicing the West coast of our subregion with fuel. It was getting difficult to plan for our children’s future.”

Highlighting some of the efforts made by his administration to address the challenges faced by the nation, the president said Nigeria would have been bankrupt if he did not take over leadership.

“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.

“Today, we are sitting pretty on a good foundation. We have reversed the problem; the Exchange rate is stabilising. Food prices are coming down, especially during Ramadan. We will have light at the end of the tunnel,” Tinubu added.

In his reaction, Emmanuel Nwaka who spoke on behalf of the visiting group commended the president for some of the initiatives implemented by his administration.

Nwaka said, “I appreciate you for what you are giving to students because the student population is the largest demographic in the country. I’ve spoken with many of them, and many have benefited from it.

The Minister of Budget and National Planning, Atiku Bagudu, has urged Nigerian families to have frank discussions about managing their resources carefully, advising them to prioritize basic needs.

The minister stated that Nigeria is not as wealthy as many believe, even as he called for more prudent financial management at both the national and household levels.

Bagudu made the remarks on Wednesday in Abuja, following a meeting between Federal Government officials and representatives from the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC).

The meeting comes in the wake of widespread economic hardship, worsened by the soaring costs of energy and food.

“The Bola Tinubu administration has made bold choices that, while challenging, are necessary for long-term growth,” Bagudu said.

He defended the government’s policies, noting that state and local governments are now better funded and that reforms are already yielding positive results in terms of investment.

“Tough decisions might come with some challenges, but we are dealing with them. Most of the measures taken have begun to yield a greater level of investment.

“We believe we have stopped the decline. We are not where we want to be yet, but let us confront our realities. We must tell ourselves that we are not as rich as we thought we were,” he stated.

Bagudu stressed the need for collective action, both at the family level and the national level, to mobilize resources effectively in response to the country’s economic challenges.

Nigerians are grappling with one of the worst economic crises in decades, as inflation surges, driven by skyrocketing energy and food costs.

Critics have pointed to President Bola Tinubu’s twin policies of petrol subsidy removal and the unification of foreign exchange rates as major contributors to the current economic instability.

Many believe these policies have led to unbearable inflation and an unprecedented rise in living costs.