Former Edo State Governor, Senator Adams Oshiomhole, has voiced his strong endorsement of President Bola Tinubu’s economic reforms, emphasizing that although Nigerians are currently facing significant hardships, the administration is progressing towards recovery. The senator recognized the increasing public dissatisfaction due to the escalating cost of living and the shutdown of businesses following the removal of the fuel subsidy in 2023, yet he urged citizens to exercise patience and retain confidence in the reforms.
He acknowledged the substantial challenges at hand, but highlighted the severe liabilities inherited by the president due to previous fiscal mismanagement, which necessitated these reforms. Oshiomhole likened the economic recovery to a surgical procedure, indicating that while the process involves discomfort, it is essential for healing. He pointed out that the unification of the exchange rate, though painful, was a crucial step to balance supply and demand, warning that neglecting this could have led Nigeria towards an economic crisis similar to that of Zimbabwe. He affirmed that President Tinubu made the conscious choice to implement all necessary but difficult decisions during his first term to facilitate long-term recovery, asserting that meaningful governance requires time and a comprehensive understanding of the challenges inherited.
Governance is not a matter of magic. I believe that no Nigerian familiar with the macroeconomic conditions inherited by this administration would anticipate that all issues could be resolved within a span of 24 months. The economy has indeed suffered from significant mismanagement, and while this is not an attempt to assign blame, it is an acknowledgment of reality. I can confidently assert that the worst is behind us, and we are poised to see enhancements in the quality of life.
Reflecting on my tenure as a state governor, I recognize that every leader requires time to fully understand the complexities of the challenges they face and to prioritize effectively. During my governorship, it took considerable time to gain a comprehensive understanding of the issues I inherited and to establish a priority list for action. I acknowledge the current difficulties faced by communities, yet I remain cautiously optimistic. As a Nigerian residing within the community, I can attest to the existence of hardship, but I also observe that improvements are underway.
The former governor of Edo State expressed confidence that if a presidential election were conducted today, Tinubu would emerge victorious due to his decisive and necessary actions aimed at revitalizing Nigeria’s economy. Oshiomhole stated, ‘Considering our current economic situation, Tinubu would still win the presidential election.’ He commended the President for dismantling what he termed an exploitative foreign exchange system that previously served only a select few. ‘Tinubu has eliminated the preferential exchange rate benefits that were available to certain individuals connected to the CBN management. The courage to abolish this privileged rate, which was accessible only to a limited group, is commendable,’ he elaborated.
