The Chairman of the Senate Committee on Appropriation, Solomon Adeola (Yayi), has claimed that the former administration of President Muhammadu Buhari borrowed over $400 billion to stabilise the naira against the US dollar.
Representing Ogun West, Adeola noted that the Buhari administration expended trillions of naira on fuel subsidies, funds which he argued were primarily benefitting less than one per cent of Nigeria’s population. He asserted that President Bola Tinubu’s significant decisions—removing the fuel subsidy and floating the naira—have rescued Nigeria’s economy from imminent collapse.
Adeola made these comments on Saturday during the second edition of the Town Hall Meeting/Mega Empowerment and Thank You Tour held in Ayetoro, Yewa North Local Government Area of Ogun State.
He explained that the previous administration had heavily relied on borrowing to finance fuel subsidies and stabilise the naira against the dollar. However, he praised the bold actions taken by the Tinubu administration as crucial for the nation’s recovery.
He commended President Tinubu for making the “hard but necessary decision” to revitalise the previously stagnant economy.
Adeola stated, “When the president assumed office, he carried out two major policies that hit Nigerians hard. We now heave a sigh of relief.
“First, he removed the fuel subsidy. He removed the fuel subsidy because the subsidy payment ended up in the hands of people who are less than 1% of Nigerians. Yearly, the former president would have to borrow huge amounts of money in the tune of trillions of naira in order to pay fuel subsidy.
“But when the current President, my father, Bola Ahmed Tinubu, assumed office, the payment of subsidy elapsed the day the immediate past president handed over power to Tinubu. So, there was no fund budgeted for the continuous payment of the subsidy. The government that left had stopped subsidy payment and when our father (referring to Tinubu) got to power, he said he could no longer afford to be borrowing huge amounts of money that will end up in the hands of less than 1 per cent of the country’s population, whereas the payment is made for all Nigerians.
“Today, anyone can bring in fuel and sell it at your own price as far as it pays off. One person can own ten cars and the country is expected to pay subsidy on all the cars. But if there is no subsidy, your cars won’t be more than one or two.
“The second policy has to do with the floating of the naira. Before, in order to stabilise the dollar to naira rate, we had to borrow money. We borrowed to suppress it.
“By the time this government assumed office, the amount borrowed was well above $400 billion. In order to stabilise the dollar to naira rate, we were also paying subsidy. That President had to stop that.”
Following Tinubu’s bold measures, Adeola remarked, “The Nigerian economy is now flowing in the right direction.”
He urged the populace to remain patient with the Tinubu administration, asserting that the current economic policies have started to yield positive outcomes.
Regarding the empowerment programme, Adeola explained that it was organised to recognise and appreciate constituents in Yewa North Local Government Area for their support during the 2023 general elections. He mentioned that this programme, which also took place in Imeko-Afon LGA on Friday, will be extended to Yewa South, Ipokia, and Ado-Odo/Ota local government areas.
Reflecting on his accomplishments in the Senate over nearly two years, Adeola stated that he has utilised his role as Chairman of the Senate Committee on Appropriations to advocate for the rights of his constituents and facilitate developmental projects in Ogun West. He highlighted various infrastructural projects he has assisted in completing, including road construction, power transformers, solar light installations, ICT centres, Primary Healthcare Centres, ultra-modern markets, and police stations.
Additionally, he announced that another set of 3,000 students selected across the six LGAs in Ogun West will receive scholarships and bursary awards of N200,000 and N100,000, respectively.
While expressing gratitude to Governor Dapo Abiodun of Ogun State for supporting his initiatives in Ogun West, particularly the empowerment programmes, he encouraged the people to continue rallying support for the current state administration.
Earlier, Dr. Iziaq Kunle Salako, the Minister of State for Health and Social Welfare, remarked that Tinubu has “consistently remained committed to the welfare of the people,” urging Nigerians to continue cooperating and supporting the president. Salako also praised Adeola’s empowerment efforts, noting that the Senator has fulfilled his campaign promises in less than two years in office.
