Nigeria: Buhari's Govt Borrowed $400bn to Stabilise Naira - Senator Adeola

Senator Solomon Adeola (Yayi) chairs the Senate Committee on Appropriation. He claims former President Muhammadu Buhari's government borrowed over $400 billion. This borrowing aimed to stabilize the naira against the US dollar.

Adeola represents Ogun West. He stated that the previous administration spent trillions on fuel subsidies. He noted that these funds benefited less than 1% of Nigeria's population.

He praised President Bola Tinubu for two major decisions: removing fuel subsidies and floating the naira. According to Adeola, these actions saved Nigeria's economy from collapse.

The Senator spoke at a Town Hall Meeting in Ayetoro, Ogun State. He said past administrations borrowed heavily to fund fuel subsidies and stabilize the naira. However, he believes Tinubu's bold steps are crucial for Nigeria’s recovery.

Adeola commended President Tinubu for making tough but necessary choices. He explained that when Tinubu took office, subsidy payments ended immediately. The previous government had not budgeted for ongoing subsidy payments.

He criticized how subsidies benefitted only a small fraction of Nigerians while burdening the country with debt. With no subsidy, anyone can sell fuel at their own price now.

He also discussed the floating of the naira, which previously required borrowing money to stabilize its value against the dollar. Adeola mentioned that by then, Nigeria had borrowed over $400 billion for this purpose.

Following Tinubu's policies, he believes "the Nigerian economy is now flowing in the right direction." He urged citizens to be patient as these economic policies begin to show positive results.

During his speech, Adeola highlighted an empowerment program for constituents in Yewa North Local Government Area. This initiative thanks them for their support during the 2023 elections.

He noted similar programs would occur in Imeko-Afon LGA and other areas soon. In nearly two years as a senator, Adeola has worked on various developmental projects in Ogun West.

These projects include road construction, solar lights installation, and healthcare centers among others.

Additionally, he announced scholarships and bursaries worth N200,000 and N100,000 for 3,000 students across six LGAs in Ogun West.

Adeola thanked Governor Dapo Abiodun for supporting his initiatives and urged continued support for state leadership.

Dr. Iziaq Kunle Salako spoke next; he is Minister of State for Health and Social Welfare. Salako emphasized Tinubu’s commitment to public welfare and encouraged cooperation with his administration.

He also praised Adeola’s empowerment efforts as fulfilling campaign promises within two years of service.