Senator representing Edo North in the Nigerian Senate, Adams Aliyu Oshiomhole, has claimed that the incumbent President, Bola Ahmed Tinubu, inherited a badly mismanaged economy from the past administration.
Oshiomhole, who is also a former governor of Edo State, explained that Tinubu had planned to turn things around for Nigeria’s economy in 24 months upon assumption of office in May, 2023.
Oshiomhole said this on Tuesday while responding to questions on Politics Today, a Channels Television programme.
According to him, the ways and means tool for economic rejig was terribly abused by the past administration, adding that Tinubu saved the country’s ‘mismanaged’ economy from a situation where the Naira would have no value as a means of exchange.
He said, “If you have a look at the balance sheet that this president inherited, arising from the very reckless use or rather misuse of ways and means, in which the bank or the government of the day put back notes in trillions of naira that were not supported by any economic fundamentals.
“If you know how much was printed, and this volume of money was chasing the limited naira that we had, that explained today’s exchange rate regime, where you now have to reconcile supply with demand. The consequential increase in cost of living was predictable. If that was not done, Nigeria was on its way to Zimbabwe.”
Continuing, Senator Oshiomhole stated that one way for the current policies to start reflecting in people’s lives and livelihoods is for other labour players to pay living wages, stating that workers think inwardly in their spending plans.
“Truly, this country was badly mismanaged. The economy was badly mismanaged. This is not to blame anyone. That is to speak to facts. So I think we can say, the worst is over. We are going to begin to witness improvement in quality of standard of living.
“I expect that all the other players of labor who are benefitting from some of the courageous decisions that the President have taken will ensure that, it trickle down, that they should pay living wages, because when you pay workers living wages, the money they earn, and are able to pay their rent of a room and parlour, they can buy rice, buy garri, because they have a higher purchasing power. I think that eventually, everybody will experience some relief,” Oshiomhole added.
President Tinubu, while defending his economic reforms during a visit to Anambra last week, stated that he inherited a near-insolvent treasury from the past administration.
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