June 13, 2024

Former APC chairman Adams Oshiomhole has expressed that the economic situation inherited by President Bola Tinubu from former President Muhammadu Buhari is unparalleled in its severity. Oshiomhole made these remarks during an interview on Channels TV on Tuesday. He lamented the substantial debt burden that Buhari’s administration had placed on Nigeria and underscored that the conditions left for Tinubu to manage were virtually insurmountable.

Oshiomhole pointed out that Tinubu’s administration took over an economy in which the national revenue was scarcely sufficient to cover the overwhelming debt obligations. He highlighted that 96% of every N100 earned by Nigeria was directed toward debt repayment, leaving just four kobo for salary disbursement. Oshiomhole emphasized that this scenario represented the utmost challenge. However, he expressed confidence that Tinubu’s government was resolute in its intention to implement unconventional strategies to counteract the economic downturn and bring stability.

Critics widely regarded the eight years of Buhari’s rule, spanning from 2015 to 2023, as a period of some of the most challenging years in Nigeria’s democratic history. During this time, the country’s debt surged to N46 trillion.

Ex-President Olusegun Obasanjo strongly criticized Buhari’s borrowing spree, deeming the accumulation of debt for future generations as both “foolish” and “criminal.”

Leave a Reply

Your email address will not be published. Required fields are marked *