Oshiomhole Acknowledges Tinubu’s Efforts in Recovering Nigeria’s Troubled Economy
Oshiomhole Acknowledges Tinubu’s Efforts in Recovering Nigeria’s Troubled Economy
Senator Adams Aliyu Oshiomhole, representing Edo North in the Nigerian Senate, has acknowledged that President Bola Ahmed Tinubu inherited a severely mismanaged economy from the previous administration.
The former Edo State governor highlighted that Tinubu has set a target of 24 months to revitalize and reposition Nigeria’s economy since taking office in May 2023.
Oshiomhole made these remarks on Tuesday during an appearance on Channels Television’s Politics Today program. He pointed out that the previous administration heavily abused the ‘ways and means’ financing tool, leading to economic instability. According to him, Tinubu’s government has worked to rescue the country’s economy from a perilous situation where the Naira could have lost all its value as a medium of exchange.
He explained, “If you examine the balance sheet inherited by the current president, it shows reckless misuse of the ‘ways and means’ facility, with trillions of naira printed without backing by sound economic fundamentals. This oversupply of money chasing limited naira led to the current exchange rate regime, where supply and demand must now be reconciled. The resulting rise in the cost of living was predictable. If this had not been addressed, Nigeria risked becoming like Zimbabwe.”
Continuing, Oshiomhole stressed the importance of other stakeholders in the labor sector to support the recovery by ensuring workers earn living wages. He emphasized that workers tend to spend their income locally and thoughtfully, which can stimulate economic growth.
“Our country was indeed mismanaged — the economy suffered greatly. I’m not blaming anyone, just stating facts. I believe the worst is behind us, and we will soon see improvements in the standard of living,” he stated.
He further urged labor leaders benefiting from the government’s bold reforms to ensure that the benefits reach ordinary Nigerians. “They must pay workers a living wage because when people earn enough to meet basic needs like rent and food, their purchasing power increases. This will boost economic activity, and over time, everyone will begin to experience some relief,” Oshiomhole concluded.
