President Bola Tinubu has revealed that the cash scarcity caused by the naira redesign policy nearly forced him to abandon his 2023 presidential ambition.
Speaking on Saturday during a special Iftar at the Presidential Villa in Abuja, Tinubu recounted how he doubted his candidacy after an encounter with a close relative during the election campaign.
“Those close to me know that the odds were against me. During the campaigns, one of them came to my living room around 3:30 am and said he needed just N50,000 to buy foodstuff for our uncle,” Tinubu said.
“He told me, ‘The currency is gone because of you. People are jumping over bank counters because there is no cash. Our uncle, a wealthy man, doesn’t even have N10,000 in cash. What are you running for?’”
Tinubu recalled responding, “I am running for President, not for you and our uncle.”
Despite giving his relative N50,000, he later discovered that his uncle only received N10,000, a revelation that made him briefly consider dropping out of the race.
“At that moment, I almost dropped the idea of running for president. But thanks to Aminu Masari and all of you who encouraged me. When I came to Abuja, Masari told me, ‘I am the chairman of the North-West group; don’t look back,’” he stated.
The president also spoke about the economic challenges he inherited upon assuming office, emphasizing the tough decisions he had to make, particularly the removal of fuel subsidies.
“On the day of my inauguration, I had to decide on something not originally in my speech, and that was the fuel subsidy removal,” he said.
“The hallmark of a great leader is the ability to make the right decision at the right time. That was the day I declared that the subsidy was gone.”
Tinubu acknowledged the backlash he faced after the announcement but maintained that he stood firm, believing it was the best decision for the nation’s future.
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