By Gwurld4026 
Tinubu: How We Averted Nigeria’s Bankruptcy
President Bola Tinubu has asserted that his administration’s decisive economic reforms, including the removal of fuel subsidies, were crucial in preventing Nigeria’s potential bankruptcy. Reflecting on the economic challenges faced upon assuming office in May 2023, Tinubu stated that without these measures, the country’s economy was at risk of collapse.
Tinubu highlighted that for decades, Nigeria had been depleting resources intended for future generations, particularly by subsidizing fuel costs for neighboring countries. He emphasized that these practices made it increasingly difficult to plan for the nation’s future.
Despite initial hardships resulting from the removal of fuel subsidies, Tinubu noted positive developments such as the stabilization of the exchange rate and a decrease in food prices, especially during Ramadan. He expressed optimism about continued economic improvement, stating, “We will have light at the end of the tunnel.”
The administration’s reforms have also led to increased foreign remittances, with the Central Bank targeting $1 billion in monthly inflows, supported by policies that have strengthened investor confidence.
However, these economic changes have had social impacts, such as affecting Lagos’s vibrant nightlife due to reduced spending power amid rising living costs.
Overall, President Tinubu maintains that the reforms were necessary to safeguard Nigeria’s economic future, despite the challenges faced during their implementation.