A post on Vanguard’s official website reads that Adams Oshiomhole, the senator representing Edo North Senatorial District, stated that President Bola Tinubu inherited a dire economic scenario from the previous administration.
On Tuesday, Oshiomhole told journalists that he met with Vice President Kashim Shettima behind closed doors at the Presidential Villa in Abuja.
The former governor of Edo State stated that some of President Tinubu’s administration’s initiatives are the first step toward revitalizing the economy.
He went on to say that President Tinubu had shown guts and determination in putting an end to the corruption in the subsidy regime and the Central Bank of Nigeria (CBN), while urging Nigerians to be patient.
Meanwhile, Oshiomhole has expressed optimism that concerns stemming from the elimination of gasoline subsidies will be speedily resolved between the Federal Government and organized labor.
According to him, Tinubu realizes the impact of the gasoline subsidy withdrawal on Nigerians and is determined to take immediate action to mitigate it.
“This president recognizes that the effect of the withdrawal is already here, that people are already experiencing some level of discomfort, and that there must be an immediate solution,” he said.
“Now that an immediate solution is what we discussed, and the fact that we are meeting on Tuesday again shows that clearly, we recognize that this is not one of those things you want to buy time for because it has a real negative impact, particularly on the most vulnerable group.
“But we have a solution because you are going to save, so take from that savings or even borrow.
“So, whatever it is, you can leverage some revenue and improve wages to cushion the cost of living. I think it is legitimate and doable, but it is not something you want to spend two to three months negotiating,” he said.
Oshiomhole was present at a meeting between the Federal Government and the Trade Union Congress (TUC) on Sunday.
Oshiomhole described the discussion as fruitful, adding that the government will review all of the TUC’s demands and respond on Tuesday.
He stated that if Nigeria can save about N7 trillion by eliminating subsidies, the Federal Government can take a portion of that money and invest it in the wage sector because those savings will go into the federation account, which will be distributed among the three tiers of government, and so every tier of government will have more money and should be able to meet the consequential increase in wages.
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