Senator Jimoh Ibrahim spoke on the stark difference between the economic policies of President Bola Tinubu and his predecessor.
According to a report by Channels TV, he noted that during the previous administration, 30 trillion naira was printed without a focus on mega projects or development. Senator Jimoh claims that this process led to the increase in inflation and a persistent subsidy burden.
Defending the current administration’s economic policies, Jimoh stated that Tinubu faces the challenge of reversing the country’s economic fortunes within a short timeframe.
He emphasized that the economy was already on shaky ground before President Tinubu took office, with the previous administration allocating a staggering 96% of the country’s revenue towards debt servicing.
Senator Jimoh dared critics to identify a single country where bread was sold for one naira last year and remains at the same price this year.
In his own words, “When Buhari was president, we printed 30 trillion Naira, you didn’t say the economy was bad. You didn’t say people were bribing people and giving people money that time. Are you suppose to print 30 trillion naira without focus on mega project or project development? The money pumped into the market increased, inflation went up, and the subsidy remained. Bola Tinubu on the other hand came to say let me face the economy and give new life to Nigeria, which was coming from a financially dangerous claim.”
“Tell me one country where they sold bread one naira last year, and they are still selling bread one naira this year. If you can’t find one, you are unfair to criticize the government. The economy had gone bankrupt before Tinubu came into power, the past administration used 96 percent of the country’s revenue to service debt. So you are saying in 18 months, we should solve all the problems and return back the price of bread to what it was 5 years ago, it’s unachievable.”
