Former National Chairman of the All Progressives Congress (APC), Senator Adams Oshiomhole, shed light on the economic landscape inherited by President Bola Tinubu’s administration, emphasizing that the nation’s revenue was severely strained, with a staggering 96 percent of income allocated to servicing debt. Speaking after a meeting with Vice President Kashim Shettima at the Presidential Villa, Oshiomhole underscored the complex task of stabilizing and rejuvenating the nation’s economy.
Senator Oshiomhole acknowledged the arduous nature of the economic predicament faced by President Tinubu upon assuming office, citing the imperative for a strategic and sustained effort to remedy the situation. He noted that the prevailing economic conditions required the implementation of difficult yet necessary decisions to pave the way for progress.
“The issue of the economy is work in progress. There is no quick fix. The Federal Government inherited a terrible economic situation. The government inherited an economy in which our total national revenue was barely enough to service our debt burden. Spending 96 percent, which is to say every N100,000 Nigeria earns, N96,000 is used to repay debts and service debt. So, you have only 4k left to pay all the salaries. So, nothing can be worse,” remarked Oshiomhole.
Highlighting the shift in economic policies and practices under the current administration, Oshiomhole applauded the courage of the President and Vice President in implementing measures to promote transparency, accountability, and equitable wealth distribution. He acknowledged the transformative departure from a system where connections facilitated wealth accumulation to a paradigm where hard work and value creation are paramount.
Addressing the challenges inherent in these reforms, Oshiomhole likened them to a potent remedy with unavoidable side effects, indicating that a balanced assessment of costs and benefits was necessary. He affirmed his belief that the macroeconomic policies adopted by the government, both on the fiscal and monetary fronts, constituted a promising foundation for progress.
Responding to recent discord regarding monetary policies, Oshiomhole emphasized the importance of synergy between various facets of the government to achieve economic goals. He advocated for harmonious collaboration between institutions to ensure cohesive and effective decision-making.
Concluding his address, the former Edo State governor appealed to Nigerians to exercise patience and understanding as the administration navigates through the complexities of revitalizing the economy. He urged citizens to recognize the time and deliberation required for sound decision-making, especially in the face of intricate challenges.
Oshiomhole’s insights shed light on the daunting task faced by President Tinubu’s administration as it grapples with the intricacies of restructuring the economy. As the nation strives to strike a delicate balance between reform and stability, the pragmatic approach advocated by Oshiomhole holds the potential to guide Nigeria toward a more resilient and prosperous future.