Senator Adeola,
Chairman of the Senate Committee on Appropriation, Senator Solomon Adeola (popularly known as Yayi), has alleged that the administration of former President Muhammadu Buhari borrowed over $400 billion in an effort to stabilise the naira against the US dollar.
Speaking during the 2nd Edition of the Town Hall Meeting, Mega Empowerment, and Thank You Tour held in Ayetoro, Yewa North Local Government Area of Ogun State, Adeola, who represents Ogun West Senatorial District, also stated that trillions of naira were spent on fuel subsidy payments, benefitting only a tiny fraction of Nigerians.
The Senator praised President Bola Tinubu for the bold policy moves of removing fuel subsidy and floating the naira, describing them as critical steps that saved the nation’s economy from collapse.
“When the president assumed office, he carried out two major policies that hit Nigerians hard. We now heave a sigh of relief,” he said.
Adeola explained that under the previous administration, large sums were borrowed annually to fund fuel subsidies.
He said, “First, he removed the fuel subsidy. He removed the fuel subsidy because the subsidy payment ended up in the hands of people who are less than 1% of Nigerians. Yearly, the former president would have to borrow huge amount of money in the tune of trillions of naira in order to pay fuel subsidy.”
“But when the current President, my father, Bola Ahmed Tinubu, assumed office, the payment of subsidy elapsed the day the immediate past president handed over power to Tinubu. So, there was no fund budgeted for the continuous payment of the subsidy.”
“The government that left had stopped subsidy payment and when our father (referring to Tinubu) got to power, he said he could no longer afford to be borrowing huge amount of money that will end up in the hands of less than 1 percent of the country’s population, whereas the payment is made for all Nigerians.”
“Today, anyone can bring in fuel and sell it at your own price as far as it pays off. One person can own ten cars and the country is expected to pay subsidy on all the cars. But if there is no subsidy, your cars won’t be more than one or two.”
Addressing the second major policy shift, Adeola said, “The second policy has to do with the floating of the naira. Before, in order to stabilise the dollar to naira rate, we have to borrow money. We borrowed to suppress it.”
“By the time this government assumed office, the amount borrowed is well above 400billion dollars. In order to stabilise dollar to naira rate, we were also paying subsidy. That President had to stop that.”
Senator Adeola commended Tinubu’s economic reforms, saying the policies have begun to steer the Nigerian economy in the right direction.
He urged Nigerians to be patient, assuring that the benefits of the tough decisions will become more evident over time.
On the empowerment event, Adeola explained that it was organized to thank and support the constituents of Yewa North for their loyalty during the 2023 general elections.
He added that similar programmes had already been held in Imeko-Afon LGA and would be extended to Yewa South, Ipokia, and Ado-Odo/Ota LGAs.
Highlighting his achievements, Adeola said he has used his role as Appropriation Committee Chairman to facilitate numerous developmental projects for Ogun West.
These include road construction, installation of power transformers and solar lights, establishment of ICT centres, construction of healthcare facilities, modern markets, and police stations.
He also announced that 3,000 students from across the six local government areas in Ogun West would receive scholarships and bursaries worth N200,000 and N100,000 each.
Adeola expressed gratitude to Ogun State Governor Dapo Abiodun for consistently supporting his initiatives and encouraged the people to continue backing the current state administration.
Earlier, Minister of State for Health and Social Welfare, Dr. Iziaq Kunle Salako, in his remarks, described President Tinubu as a leader committed to the welfare of Nigerians.
He called for continued support for Tinubu’s administration and praised Senator Adeola’s efforts, saying, “In less than two years in office, the Senator has fulfilled his campaign promises.”
