Tinubu inherited Gov't from Buhari with 96% of National Income Servicing Debts – Oshiomhole
On Tuesday, Senator Adams Oshiomhole disclosed that the economy that President Bola Tinubu’s government inherited was one in which the country’s national revenue hardly covered the cost of servicing the debt, with 96 percent of the income going to debt payments.
According to the Vanguard, he stated that the country’s economy was in a hazardous state when President Bola Tinubu took office, so there were no easy solutions.
Following a visit to the Presidential Villa with Senator Kashim Shettima, the senator representing Edo North Federal Constituency made this known.
Oshiomhole, who claimed to have paid the Vice President a pleasant visit, said he didn’t address the country’s economic problems with him but insisted that the administration was in operation.
He claimed that “the problems with the economy are still being worked out. There is no magic bullet. The economy was in a bad state when the government took office.
The government took over an economy where 96% of our total national income, or the 100,000 naira that a Nigerian makes, is spent on debt repayment, hardly enough to cover our debt obligations. So, all the salaries must be paid with the remaining 4,000 dollars alone. Therefore, nothing is worse.
“However, they arrived with the conviction that they would need to do business unusually to halt the trend, stabilize the economy, and then start moving forward. Some difficult choices must be made.
“The executive branch, including the president and vice president, have already displayed confidence in the choices they have made.
They have made a major shift away from a system where, if you are well connected, you could make billions without providing value to one where, if you want to make money, you have to work.
We want to avoid a scenario in which CBN helps you and you become a billionaire; otherwise, they could impoverish you and cause your company to fail.
“In general, I think that the macroeconomic policies, both general and specific, that have been implemented so far, both in terms of monetary and fiscal policies, are the perfect place to begin.
“You may recall that a Minister of Finance recently disassociated herself from the monetary policies of the CBN Governor, and they ceased to communicate. There is no way to get where you’re going if the hand and the leg cannot move in unity.
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