The senator representing the Edo North Senatorial District, Adams Oshiomhole, says the government of President Bola Tinubu inherited a terrible economic situation.
Oshiomhole stated this on Tuesday during an interview session with journalists shortly after meeting with the Vice President, Senator Kashim Shettima, behind closed doors at the Presidential Villa, Abuja.
According to the former National Chairman of the ruling All Progressives Congress (APC), some of the decisions taken by the current administration are the first step towards revamping the economy.
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.“
He added that President Tinubu and his deputy had shown courage and determination to stop the corruption of the subsidy regime and in the Central Bank of Nigeria (CBN), while appealing to Nigerians to be patient.
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