President Bola Tinubu stated on Thursday that Nigeria faced potential bankruptcy without the economic reforms implemented by his administration. He highlighted that, for decades, the country had been spending beyond its means, compromising the future of upcoming generations. The President expressed gratitude to Nigerians for their support, noting that these reforms have stabilized the exchange rate and reduced food prices, especially during Ramadan. 

The World Bank has acknowledged the positive outcomes of these fiscal reforms. Following a near fiscal crisis in 2020, Nigeria's deficit decreased from 6.2% of GDP in the first half of last year to 4.4% in the same period this year. The removal of the petrol subsidy and currency devaluation have contributed to growth in the service sectors, oil sector stability, and improvements in the foreign exchange market. 

These developments suggest that the government's actions have been pivotal in averting economic collapse and setting Nigeria on a path toward sustainable growth.