Former Edo State Governor, Senator Adams Oshiomhole, has defended President Bola Tinubu’s economic reforms, describing them as painful but crucial steps needed to save Nigeria from collapse.
Appearing on Politics Today on Channels Television on Tuesday, May 13, Oshiomhole acknowledged the public frustration over inflation and business shutdowns following the removal of fuel subsidy in 2023.
Still, he insisted that the President inherited a troubled economy and made the tough calls to reverse the damage.
“There is no question that there are huge challenges. But if you look at the balance sheet that this president inherited, massive liabilities arising from the very reckless misuse of ways and means, you’d understand why these steps were necessary,” he said.
Comparing the economic overhaul to a medical procedure, the senator explained that pain is part of the healing process.
“It’s a work in progress. The surgeon has gone to carry out the surgery. He understands that there is a level of pain, there has to be pain. But the good news is that the patient is healing. Maybe he could heal faster, but there can be no question that the patient is healing.”
Oshiomhole noted that the unification of the exchange rate, though tough on citizens, was a vital move to avoid a Zimbabwe-style economic meltdown.
“The consequential increase in cost of living was predictable. But if that was not done, Nigeria was on its way to Zimbabwe,” he stated.
He credited Tinubu for front-loading difficult reforms within the first term, saying it was a deliberate strategy for sustainable progress.
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“He took the right decision by insisting that in the first term, he would take all the tough decisions, prayerfully, so that as we move on, the situation improves,” he said.
On the pace of reform, Oshiomhole argued that no administration can fix deep-rooted economic damage overnight.
“There is no magic to governance. I don’t think any Nigerian who understands the macroeconomic environment that was inherited by this government would expect that, in 24 months, everything would be fixed,” he said.
“Truly, this economy was badly mismanaged. This is not to blame anyone, but to speak to fact. I can say the worst is over, and we are going to begin to witness improvements in standard of living.”
Reflecting on his time as a state governor, he said understanding inherited problems takes time. “As a governor, it took me time to have a holistic view of the challenges I inherited and to decide, in terms of priority, what to do first.”
Despite acknowledging the pain felt by citizens, Oshiomhole said there were signs of recovery. “As a Nigerian, I live in the community and among the people. I can say that there is a level of hardship, but things are improving.”
He confidently predicted Tinubu’s re-election if a vote were held today. “Given where we are today in the economy, Tinubu will still win the presidential election,” Oshiomhole declared.
He also applauded the president’s move to dismantle a skewed foreign exchange system.
“Tinubu abolished the ‘benefit of exchange rate’ transfer to bureau de change. Today, what he gets in exchange rate is what I get. Eliminating that free rate, which was available to a few people connected with the CBN management, took courage,” he explained.