Former National Chairman of the All Progressives Congress (APC), Senator Adams Oshiomhole, has drawn attention to the challenging economic conditions inherited by President Bola Tinubu’s administration.
During a meeting with Vice President Kashim Shettima at the Presidential Villa, Senator Oshiomhole revealed that the nation’s revenue was stretched thin, with a staggering 96% of its income allocated towards servicing its debt obligations.
Senator Oshiomhole emphasized that the economic situation inherited by President Tinubu’s administration was far from ideal, characterizing it as a “terrible economic situation.”
He noted that this dire scenario led to the need for unconventional measures to address the economic drift and stabilize the nation’s financial health.
Drawing a stark picture of the economic predicament, Oshiomhole explained, “Out of every N100,000 earned by Nigeria, N96,000 was dedicated to repaying debts and servicing debt, leaving a mere 4k for essential expenses such as salaries.”
He acknowledged that painful decisions were essential to steer the economy back on track.
The former Edo North Senatorial District representative praised the present leadership for their proactive approach and courage in implementing critical reforms.
Oshiomhole highlighted the transition from an era of favoritism and economic imbalances to a new phase where value addition and hard work were the driving forces for economic growth.
While acknowledging that challenges arose from these reforms, Oshiomhole compared them to the side effects of medicine, emphasizing that a cost-benefit analysis was necessary.
He commended the comprehensive macroeconomic strategies that have been implemented, including both monetary and fiscal policies, as a promising starting point to stabilize the economy.
Addressing the citizens of Nigeria, Oshiomhole urged patience and understanding as he sought to rectify the complex system’s malfunctioning.
He assured that his intentions were to address the situation methodically, especially in the face of a severe economic scenario.
The former governor of Edo State emphasized the importance of making well-considered decisions to navigate the challenges ahead.
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