Tinubu planned to turn Nigeria’s economy around in 24 months but… — Adams Oshiomhole

Former Governor of Edo State, Adams Oshiomhole, has said that President Bola Ahmed Tinubu and his economic team had planned to turn Nigeria’s economy around within 24 months, and expected that the pain associated with the tough decisions taken at the start of his administration would not last beyond that period.

Oshiomhole made the statement during an appearance on Politics Today while answering questions from the programme’s anchor on Tuesday night.

He explained that the abuse of the “ways and means” facility, which was intended to support economic restructuring, was grossly misapplied by the immediate past administration.

According to him, this led to dire consequences, causing Nigerians severe hardship.

ALSO READ: Defection: Nigeria can’t be one-party state — SDP’s Adebayo

“We expected that in 24 months, he would have fixed all those problems, and Nigeria would be back,” he said.

“But due to the seriously bad economy the President inherited, Nigerians are still going through hard times.”

He stated that, as part of efforts to rescue the economy, President Tinubu took steps that saved Nigeria from becoming like Zimbabwe, where the national currency had lost its value as a means of exchange.

Despite the ongoing hardship, Oshiomhole expressed confidence that Tinubu would win a free and fair election in 2027, as the positive effects of the early tough decisions would begin to show.

Oshiomhole criticised the All Progressives Congress (APC) government under former President Muhammadu Buhari, saying it severely mismanaged the economy, especially through the reckless use of the “ways and means” facility.

He added that the current APC-led government under President Tinubu had taken bold steps to prevent Nigeria from following the path of Zimbabwe’s economic collapse, although they did not anticipate that the challenges would persist beyond 24 months

“If you look at the balance sheet this President inherited—arising from the reckless use, or rather misuse, of ways and means—you’ll see how trillions of naira were printed without any economic backing,” Oshiomhole said.

“That amount of money chasing a limited supply of goods explains today’s exchange rate regime, where demand now outstrips supply. The resulting increase in the cost of living was predictable. Without intervention, Nigeria was heading towards Zimbabwe’s situation.”

He said Nigerians are entering a new phase that would ultimately benefit the people. He also called on business owners whose enterprises have improved due to the President’s economic reforms to start paying workers living wages.

“This country was badly mismanaged. The economy was terribly handled. That’s not to blame anyone—it’s simply stating the facts.

“But I believe the worst is over, and we’ll begin to witness improvements in the quality of life,” he said.

“I expect that employers who are benefitting from the President’s bold policies will ensure the impact trickles down by paying living wages.

“When workers earn enough to pay their rent, buy rice, buy garri—they gain purchasing power. Eventually, everyone will feel some relief.”

Oshiomhole admitted that while President Tinubu hasn’t yet achieved his goal of significantly improving Nigerians’ living conditions, some progress is visible.

“I believe we haven’t reached the level the President aims for—no. It’s a work in progress,” he said.

“The surgeon has begun the operation. He understands the level of pain required. But the good news is that the patient is healing. Maybe not as fast as hoped, but the key point is: the patient is healing.”

He concluded by stating that President Tinubu made the right choice by addressing difficult issues early in his first term, noting that most Nigerians may not fully understand the dire macroeconomic situation the current administration inherited.

NIGERIAN TRIBUNE