Former National Chairman of the ruling All Progressives Congress (APC), Comrade Adams Oshiomhole has declared that there was no quick fix measure for the nation’s economy by the President Bola Tinubu’s administration because he inherited a bas situation.
Oshiomhole who represents Edo North senatorial district in the National Assembly made this disclosure Tuesday after meeting with Vice President Kashim Shettima, at the State House, Abuja.
The former governor of Edo state, who said he was on a friendly visit to the Vice President, said he did not discuss the nation’s economic issues with him but claimed that the government was working.
According to him: “The issues of the economy is work in progress. There is no quick fix. The government inherited a terrible economic situation. 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 N100k Nigerian earn, 96k is going to repay debts, to service debt. So, you have only 4k 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; stabilize the economy and then begin to move forward. Some painful decisions are necessary.
“Already, the executive—the president and vice president—they’ve shown courage in terms of the decisions they have taken, a radical movement away from one in which if you are well connected you could make billions without adding value to one in which if you want to make money, you have to work. We move away from a situation where CBN can favour you and you become a billionaire; of which they can pauperize you and your business collapses.
“Yes, it has created its own challenges, but I don’t know of any drug without side effect. Doctors will always tell you that every drug might cure your ailment but it will have a side effect. So, in taking it you have to do cost and benefit analysis. On the whole, I believe that the broad economic, specific macro economic policies that have been put in place so far both in terms of monetary policies and in terms of fiscal policies is the best way to start.
“You remember just recently a Minister of Finance distanced herself from the monetary policies of a CBN Governor and they were not talking. If the hand and the leg are not walking in harmony, then there is no way you can get to your destination. So, I think we are in a better situation now.
“But my plea to Nigerians is, when I say I will bail you out, I will fix a complicated system that is malfunctioning, I believe everyone knows that the more terrible the situation is, the more time I will require to take the right decision. Given the paucity of data and all the other basic infrastructure you need to take some quick decisions that are not pleasant but decision has to be taken.”
Deji Elumoye in Abuja
Follow us on:
Elon Musk’s social media platform, X, has named Rachel de Oliveira Conceicao as its legal…
In a surprising turn during the Edo state governorship election, Olumide Akpata, the Labour Party…
The Governor of Ondo state, Mr. Lucky Aiyedatiwa, has vowed to transform the state into…
The Independent National Electoral Commission (INEC) has announced an extension of voting time in areas…
Usher paid tribute to the male role models in his life at the 2024 Black…
The EFCC has arrested three suspects for alleged vote buying during the ongoing Edo governorship…
View Comments
E.G......
Mama Africa #17,000 •Tomatoes Rice # *15,000* •Cap Rice #15,000 •My Food #17,000 •Mama Gold #17,500 •Ade Brazil #15,000 •Elephant Gold #15,000 •Royal Umbrella #15,000 Etc.
GOIF3 ₦400,000
GOIF4 ₦N550,000
Toyota Camry Tiny Light ₦N550,000
Toyota Corolla ₦600,000.
Toyota 4Runner ₦850,000
Toyota Avalon ₦700,000
Toyota Highlander ₦900,000
Toyota Matrix #N700,000
Toyota Rav4 ₦780,000
Toyota Sequoia ₦900,000
Toyota Tacoma ₦1.2M
Toyota Tundra ₦1.8M
Toyota Yaris ₦650,000
Honda Baby Boy ₦450,000
Honda Accord EOD ₦600,000
Honda City ₦550,000
Honda Crosstour ₦2.6M
Honda CR-V ₦800,000.
Honda Odyssey ₦650,000
Honda Pilot ₦950,000
Lexus RX300 ₦1.4Million
Lexus RX330 ₦1.7Million
Lexus RX350 ₦2.4Million
Land Rover Discovery ₦3.2Million
Land Rover Freelander ₦3.6Million
Land Range Rover Sport ₦4Million
Acura MDX ₦1.8Million
Audi A4 ₦500,000
Audi A6 ₦700,000
BMW 3-Series ₦1.3Million
BMW 5-Series ₦1.6Million
BMW X5 ₦1.8Million
BMW X6 ₦2.3Million
Infiniti FX35 ₦1.9Million
Infiniti FX45 ₦1Million
Infiniti QX4 ₦11Million
Mazda 626 ₦600,000
Mazda MPV ₦640,000
Mercedes-Benz C-Class ₦1.3Million
Mercedes-Benz E-Class ₦1.8Million
Mercedes-Benz GLK ₦3.Million
Mercedes-Benxz ML320 ₦.1Million
Mercedes-Benz ML350 ₦1.3Million
Nissan Altima ₦1.Million
Nissan Armanda ₦1.Million
Nissan Maxima ₦.1Million.......O7O 4540 6674 }