“How Buhari’s Administration Borrowed $400Bn to Stabilise Naira,” Senator Adeola Speaks

• Senator Olamilekan Adeola has revealed that the past administration borrowed $400 billion to stabilise the naira, severely impacting Nigeria's economy
• However, Adeola commended President Bola Tinubu for removing fuel subsidies and implementing reforms to rescue Nigeria’s economy from further collapse
• The Senator stressed that fuel subsidy payments in previous government, funded by trillions of naira in loans, benefited less than 1% of Nigerians

Legit.ng journalist Esther Odili has over two years of experience covering political parties and movements.

Abeokuta, Ogun state - On Saturday, April 26, Senator Olamilekan Adeola, said that the immediate past administration led by Muhammadu Buhari, borrowed $400 billion to stabilise the naira against dollars, a fiscal policy he said had left the country’s economy at the brink.

How Buhari’s administration borrowed $400bn

Recall that former President Olusegun Obasanjo described Muhammadu Buhari’s administration as the worst in Nigeria’s democratic history.

Legit.ng reported Muhammadu Buhari revealed that security and economy in Nigeria improved significantly during his eight years in office as president of the country.

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This is amid the blame game that Buhari handed a poor economy to President Bola Ahmed Tinubu and sold Nigeria's future by regular borrowing and he should be blamed for the hunger and current hardship across the country.

As reported by THISDAY, Buhari recalled that before his administration, security and economic challenges were pervading the country, but his administration had curbed the menace of terrorism and economic meltdown.

But on Saturday, April 26, the lawmaker, who is representing Ogun West in the National Assembly, commended President Bola Ahmed Tinubu’s government for saving the nation’s economy with the removal of fuel subsidies.

Speaking at a town hall meeting took place in Ayetoro, Yewa North Local Government Area, Ogun State, Senator Adeola added that the various initiatives and reforms of President Tinubu are for the betterment of Nigerians born and yet unborn.

Adeola insists Tinubu's reforms saved the economy

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He hinted that the country borrowed trillions of naira to pay fuel subsidies, which were being collected by less than 1 percent of Nigerians.

Senator Adeola, while urging Nigerians to exercise more patience with the current administration led by Tinubu, assured that the economic policies have started bringing about good results.

Read more about Buhari here:

• Obasanjo: Malami shares reason Buhari pardoned former governors convicted for stealing billions
• “Buhari’s infrastructural drive better than Obasanjo, Jonathan, Yar’Adua combined,” Bashir Ahmad

I left office with same physical assets, says Buhari

Earlier, Legit.ng reported that Muhammadu Buhari told APC governors during an Eid-el-Fitr visit that he left office with the same physical assets he had before his presidency.

Buhari urged Nigerian leaders to prioritise public service over personal welfare and commended President Tinubu for renovating his Kaduna home.

APC governors, led by Hope Uzodimma, praised Buhari’s legacy, highlighting his role in strengthening democracy, security, infrastructure, and party unity.

Source: Legit.ng