‘Buhari Borrowed $400 Billion To Stabilise The Naira Against Dollar’ – Senator Adeola

The Senator representing Ogun West Senatorial District at the National Assembly, Solomon Adeola, has credited President Bola Tinubu for rescuing Nigeria’s economy from potential collapse, citing the removal of the fuel subsidy and the floating of the naira as pivotal actions in stabilising the country’s finances.

Speaking on Saturday during the 2nd Edition of his Town Hall Meeting, Mega Empowerment, and Thank You Tour held in Ayetoro, Yewa North Local Government Area of Ogun State, Adeola emphasized the gravity of the economic challenges faced by Nigeria under the previous administration, particularly the heavy borrowing required to maintain fuel subsidies and stabilize the naira.

Adeola explained that the previous administration of President Muhammadu Buhari borrowed heavily to fund fuel subsidy payments and defend the naira against the dollar.

“Not less than $400 billion was borrowed under the immediate past administration of President Muhammadu Buhari to stabilize the naira against the dollar, and this is a fiscal policy that has really left our country’s economy in a bad state,” Adeola stated.

He further revealed that the Buhari government also borrowed trillions of naira to fund the fuel subsidy, which, he argued, disproportionately benefited less than 1% of the Nigerian population.

The massive borrowing, he said, had put the country’s economy under immense pressure and set the stage for the urgent need for reform.

Naijaonpoint reports that Adeola commended President Tinubu for his decisive action in removing the fuel subsidy and floating the naira, actions he described as crucial steps toward rescuing the nation’s struggling economy.

“All the reforms being undertaken by the incumbent administration in the country are to secure the future of the unborn generations of Nigerians,” he said.

The senator stressed that while these reforms may have come with short-term challenges, they were necessary to address the structural issues that had plagued the country’s economy for years.

He urged Nigerians to be patient with the Tinubu administration, assuring them that the current economic policies were already beginning to show positive results.