Tinubu prevented Nigeria from falling into bankruptcy – Education Minister
Tinubu prevented Nigeria from falling into bankruptcy – Education Minister
The Minister of Education, Dr. Tunji Alausa, has rejected claims that the Tinubu administration is to blame for Nigeria’s current economic difficulties, arguing that the country was already nearing collapse before President Bola Tinubu took office.
Speaking during an interview with Channels Television on Tuesday, Alausa said, “With all due respect, what you just said is completely untrue. The country was on the brink of bankruptcy. This president essentially rescued Nigeria from financial collapse.”
He explained that the previous government was spending beyond its means, particularly on fuel and foreign exchange subsidies, which drove the nation deeper into debt.
“We were spending money we didn’t have—about $1.2 billion a month on fuel subsidies and nearly $500 million monthly on foreign exchange subsidies. We were borrowing heavily to fund these, and even a significant portion of our oil had already been pledged in advance to secure those funds,” he said.
Using a household analogy, he said, “Look at yourself, look at your household today. If you were using your credit card to pay your electricity bill, to buy your foodstuff, to pay your rent, and the money you were getting in every month is not enough to even service the interest on those credit cards, what will happen to you? Month over month, you get deeper and deeper and deeper.”
According to him, President Tinubu decided to take “those difficult decisions so it’s like taking short-term pain for long-term benefit.”
On the issue of investor confidence, the minister said, “There was significant capital flight from the country. Nobody was investing. Now it’s changed. People are coming. As we see the President travel all across the countries that he is going to, this is a different way of government conducting businesses.”
He described the president’s international engagements as deliberate and strategic.
“The President ensures that each visit delivers concrete outcomes. He leverages his strong political will to attract investors, and we’re now beginning to see the results,” he said.
Alausa maintained that the nation’s situation is steadily improving, noting, “The country is progressing each day. The light at the end of the tunnel is now in sight. Things are getting better—and this isn’t based on figures produced by the government, but on internationally validated data.”
He added that confidence in Nigeria’s economic fundamentals is gradually being rebuilt.
“For sustainable development to occur consistently—month after month, year after year—there must be trust. Investors need to believe in the strength of your economy,” he concluded.
