Senator Adams Oshiomhole revealed on Tuesday that the administration of President Bola Tinubu inherited a dire economic situation, with the country’s national revenue barely sufficient to cover its debt obligations, spending 96 percent of the income.
Speaking after a meeting with Vice-President Senator Kashim Shettima at the Presidential Villa, Oshiomhole emphasized that there was no easy solution to the economic challenges faced by President Tinubu’s administration due to the precarious state of the economy they inherited.
Oshiomhole, representing Edo North Senator District, described his visit to the Vice-President as a friendly one, noting that while he did not specifically discuss economic issues, he observed that the government was taking action.
He emphasized that the economic issues were being addressed through a series of policies, both in terms of monetary and fiscal decisions.
He acknowledged that these policies, while challenging, were necessary to stabilize the economy and move it towards a more positive trajectory.
Oshiomhole also highlighted the importance of aligning fiscal and monetary policies to achieve economic goals effectively.
He acknowledged that the current situation might have its challenges, but believed that the adopted policies were the right path forward.
He encouraged Nigerians to be patient, understanding that tackling a complex and malfunctioning system required time to make the right decisions.
He stressed that given the complexities and the limited availability of essential data, it was important to take carefully considered actions, even if they might not be immediately pleasant.
