Photo file: President Bola Ahmed Tinubu

President Bola Tinubu says his administration’s bold economic reforms are beginning to yield results, restoring stability to the economy and earning Nigeria renewed respect across the world.

The President made the remarks at the State House in Abuja on Wednesday while receiving the Soun of Ogbomosoland, His Imperial Majesty, Oba Ghandi Afolabi Oladunni Olaoye, Orumogege III, alongside other traditional rulers.

In a statement issued by presidential spokesman Bayo Onanuga, Tinubu said his government had to take tough decisions to halt years of financial mismanagement and corruption that weakened Nigeria’s economy.

“Years of neglect and self-deception, fake records, smuggling, and arbitrage trading of currency denied Nigeria the necessary revenue for progress and development,” the President said.

“We had to take those actions. With your prayers, patience, perseverance and great understanding, I’m glad to tell you today that the economy is stabilised. The bleeding has stopped. Haemorrhage is gone; the patient is alive.”

Tinubu highlighted some of his administration’s key initiatives, including the establishment of the Nigerian Education Loan Fund (NELFUND) to ensure no student drops out of school due to poverty.

“Everybody has a right to education. It is the greatest weapon you can give to human beings against poverty; that’s what we are doing. We have remained aggressive on infrastructure. And it’s just two years,” he said.

The President thanked the Soun of Ogbomoso for acknowledging his government’s reforms and praised the monarch’s modernisation efforts in his domain.