Tinubu inherited terrible economic crisis- Oshiomhole
Senator Adams Oshiomhole yesterday explained what informed the economic policies introduced by the President Bola Tinubu administration.
He said the drastic decisions became imperative to get the economy back on track, describing the pains of the policies as the side-effects of the pills being applied to remedy the situation.
The Edo North senator expressed optimism that the President and his deputy, Kashim Shetima, have what it takes to reverse the trend with their unusual approach to governance.
Oshiomhole, a former Edo State governor, chatted with reporters after meeting with Vice President Shettima in his office at the Presidential Villa, Abuja.
According to him, the painful decisions taken so far were unavoidable, considering how bad things were when they took over and the need to set things on the right track.
The senator, who once served as National Chairman of the ruling All Progressives Congress (APC), however appealed to Nigerians to give the administration more time, noting that solving the kind of economic crises the administration inherited requires time and right steps to salvage the situation.
Asked if he discussed issues surrounding the economy with the vice president, Oshiomhole said no, but pointed out that “the issues of the economy is work in progress. There is no quick fix.
“The government inherited a terrible economic situation. Everybody knows it. The government inherited an economy in which our total national revenue was barely enough to service our debt burden, spending 96%, which is to say every N100, 000 Nigeria, earns, N96,000 is going to repay debts, to service debt. So, you have only N4,000 left to pay all the salaries.
“So, nothing can be worse. But they came determined that they will have to do business unusual; to arrest the drift; stabilise the economy and then begin to move forward.
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