We Can’t Blame President Tinubu For ‘Economic Woes’, He Didn’t Inherit ‘Growing Economy’-Senator Oshiomhole

The Bola Tinubu administration cannot be blamed for the nation’s economic woes while there is also nothing unusual about the loans taken by the administration in question because this is not the first time that such a thing would be done, Senator Adams Oshiomhole, who represents Edo North in the senate, submitted on Sunday.

He added that borrowing to finance capital projects such as infrastructure is a healthy global practice while noting that all the former presidents since 1999 obtained loans and got aids from the international bodies.
Team@orientactualmags.com learned that Senator Adams Oshiomole, a one-time governor of Edo State, said this while appearing as a guest on Channels Television’s Politics Today programme on Sunday.

‘Once the purpose of borrowing is clear and acceptable, it is patriotic to approve and support it. Because this is not the first president to borrow. I would challenge you to name any Nigerian president, from Olusegun Obasanjo to Shehu Musa Yar’Adua, though I’m not too sure about that because he didn’t live enough.
But Jonathan and Buhari did borrow. Even America is borrowing. The current bill in the United States is going to push US deficit to about31 to $36 trillion.
You name the country that doesn’t borrow. For me, borrowing for the right purpose like infrastructure is very healthy’ he said.

Senator Adams Oshiomhole also said President Bola Tinubu inherited an already failing economy on the brink of collapse and should therefore not be blamed for the country’s economic woes.

‘The Nigerian economy was already under recession before President Tinubu came in.
Contrary to what some people are saying, he did not inherit a growing economy. Even the National Bureau of Statistics—not just the IMF or the World Bank—had already indicated that we were heading for economic collapse’ he added while making reference to the speech made by Governor Chukwuma Soludo at The Platform Nigeria, an event held by The Covenant Nation to mark the 2025 Democracy Day in Lagos on June 12.

‘The Nigerian economy was already under recession. As we speak, even the IMF and the World Bank are not the ones to tell us who we are. But the fact is that our Bureau of Statistics has informed us that the economy is on the path of growth and development’ he quoted Soludo as saying.

‘If you want to further understand this, while you quote opposition figures, take time to read the lecture delivered by Professor Soludu on Democracy Day to an enlightened community in Lagos. It’s very informative.

It reminds us that the president came in just on time to save Nigeria from total financial collapse. So, if a country is already on the verge of insolvency and somebody has come to rescue it, the first thing you do is to stabilize it before you begin to record growth. And we are already beginning to record that growth.
Before Tinubu was sworn in, many poor Nigerians in over 300 local governments without banking services had their money essentially confiscated. The currency they worked hard to earn was declared invalid by the CBN. President Tinubu reversed that. Today, those old Naira notes are valid again. That matters’ he said.

Senator Oshiomole also said the nation’s economy will soon see improvements noting that ‘Nigeria is a work in progress’.
‘Yes, there are still serious problems. Purchasing power is low, and people are struggling. But the recovery is on. Nigeria is a work in progress. It could be faster, but no one can say that the situation has remained static since Tinubu assumed office’ he submitted-Team@orientactualmags.com  Do you have any information you wish to share with us? Do you want us to cover your event or programme? Kindly send SMS to 08059100286, 09094171980 or get in touch via orientactualmag@gmail.com.  Thank you