President Bola Ahmed Tinubu has revealed that the cash scarcity caused by the naira redesign policy nearly led him to abandon his 2023 presidential bid.
Speaking on Saturday during a special Iftar at the Presidential Villa in Abuja, Tinubu recounted how an encounter with a close relative during the election campaign made him question his decision to remain in the race.
“Those close to me know that the odds were against me. During the campaigns, one of them came to my living room around 3:30am and said he needed just N50,000 to buy foodstuff for our uncle,” the president recounted.
“He told me, ‘The currency is gone because of you. People are jumping over bank counters because there is no cash. Our uncle, a wealthy man, doesn’t even have N10,000 in cash. What are you running for?’
“I told him, ‘I am running for President, not for you and our uncle.’ I gave him the N50,000. As he walked out, he turned to me and said, ‘I don’t think you will make it.’ I replied, ‘I will make it.’”
Tinubu further disclosed that his uncle later informed him that he had received only N10,000 from the money given. The situation, he admitted, almost made him reconsider his candidacy.
“I was amazed. At that moment, I almost dropped the idea of running for president. But thanks to Aminu Masari and all of you who encouraged me. When I came to Abuja, Masari told me, ‘I am the chairman of the north-west group; don’t look back’,” he said.
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Reflecting on his time in office, Tinubu acknowledged that he assumed leadership at a time of economic challenges and had to make difficult decisions, particularly the removal of fuel subsidies.
“On the day of my inauguration, I had to decide on something not originally in my speech, and that was the fuel subsidy removal,” he said.
“The hallmark of a great leader is the ability to make the right decision at the right time. That was the day I declared that the subsidy was gone.
“The following day, I was hounded and thoroughly abused in the media. But I stood firm, knowing it was the right thing to do for our nation’s future.”
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