Buhari’s administration borrowed $400bn to stabilise naira — Senator Adeola

Senator Olamilekan Adeola, on Saturday, disclosed that the immediate past administration in the country, borrowed a sum of $400bn to stabilise the naira against dollars, a fiscal policy he said had left the country’s economy at the brink.

The lawmaker, who is representing Ogun West in the National Assembly, appreciated President Bola Ahmed Tinubu’s government for saving the nation’s economy with the removal of fuel subsidies.

Adeola who doubles as the Chairman, Senate Committee on Appropriations, stated this at the 2nd Edition of Town Hall Meeting/Mega Empowerment and Thank You Tour, held at Ayetoro, Yewa North Local Government Area of Ogun State.

He added that the various initiatives and reforms of President Tinubu are for the betterment of Nigerians born and yet unborn.

He hinted that the country borrowed trillions of naira to pay fuel subsidies, which were being collected by less than 1 percent of Nigerians.

While urging Nigerians to exercise more patience with the current administration, assuring that the economic policies have started bringing about good results.

The senator explained that the empowerment program was organized to reward and appreciate his constituents in Yewa North Local Government Area for their support during the 2023 general elections.

He disclosed that he would continue to bring about good dividends of democracy to his constituents while listing power transformers; constructions of ICT centres; primary healthcare centers; ultra-modern markets; and road construction as some of the developmental projects he had facilitated to the district in the last two years.

The Senator, however, disclosed that another set of 3,000 students selected across the six LGAs in Ogun West will be given scholarship and bursary awards of N200,000 and N100,000, respectively.

He added that the empowerment programme which was also held in Imeko-Afon LGA on Friday, will be held in Yewa South, Ipokia and.Ado-Odo/Ota local government areas.

He appreciated Governor Dapo Abiodun
for supporting all his activities in Ogun West, especially the empowerment programmes.

He urged the people to continue to rally support for the incumbent administration in the state.

Earlier in his remarks, the Minister of State for Health and Social Welfare, Dr. Iziaq Kunle Salako, lauded Senator Adeola for facilitating real dividends of democracy in Ogun West.