Nigerian President Bola Tinubu has explained the rationale behind his administration’s economic reforms, saying the primary motive was protecting the interests of future generations.

A statement by spokesman, Bayo Onanuga, said the president spoke on Thursday at the State House in Abuja while receiving a delegation of former National Assembly colleagues from the aborted Third Republic, during which he served as a Senator representing Lagos West.

The president said for 50 years, Nigeria was spending money of generations yet unborn and servicing the West coast of the nation’s subregion with fuel, adding that it was getting difficult to plan for the future of Nigeria’s children

He highlighted the challenges faced at the beginning of his administration, particularly economic and social issues, expressing gratitude for the delegation’s support in addressing the difficulties.

Tinubu declared that the administration had been able to stem the tide and expressed appreciation to Nigerians for their collective support in turning things around.

“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,” he said.

He reiterated that firm adherence to democratic tenets is the best route to economic, social, and political development.

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

Nigeria would’ve been broke if we never took action – Tinubu