By OBSERVERS TIMES
Senator Adams Aliyu Oshiomhole, representing Edo North in the Nigerian Senate, has asserted that the current President, Bola Ahmed Tinubu, inherited a severely mismanaged economy from the previous administration.
Oshiomhole, a former governor of Edo State, stated that Tinubu aimed to revitalize Nigeria’s economy within 24 months of taking office in May 2023. He made these remarks during an interview on Politics Today, a program aired by Channels Television on Tuesday.
According to Oshiomhole, the previous administration abused the “ways and means” tool for economic adjustment, which he claims led to significant financial mismanagement. He emphasized that Tinubu has saved the country’s economy from a dire situation where the Naira could have lost its value as a means of exchange.
“If you examine the balance sheet inherited by this president, it reflects the reckless misuse of ways and means, whereby the government printed trillions of Naira unsupported by any economic fundamentals,” Oshiomhole explained. “The excessive amount of money printed has resulted in today’s exchange rate challenges, necessitating a reconciliation of supply and demand. The resulting increase in the cost of living was predictable. Without these interventions, Nigeria was headed towards a situation similar to Zimbabwe.”
Oshiomhole further stated that for current policies to positively impact people’s lives, other labor stakeholders must ensure the payment of living wages. He noted that workers tend to focus inwardly when planning their expenditures.
“Truly, this country was badly mismanaged. The economy was in disarray. This is not about blaming anyone; it’s about acknowledging the facts. I believe we can say the worst is over, and improvements in the quality of life are on the horizon,” he said.
He added, “I expect that all labor stakeholders benefiting from the courageous decisions made by the President will ensure that these benefits trickle down. By paying workers living wages, they will have the purchasing power to meet their basic needs, such as rent and food. Eventually, I believe everyone will experience some relief.”
