Adams Oshiomhole, senator representing Edo North Senatorial District, disclosed that President Bola Ahmed Tinubu inherited a terrible economic situation from the immediate past administration.
Oshiomhole equally noted that some of the decisions taken by President Tinubu’s administration were the first steps towards revamping the economy.
The former Edo governor while speaking during an interview with newsmen shortly after his meeting with the Vice President, Senator Kashim Shettima, behind closed doors at the Presidential Villa, Abuja on Tuesday, said, “The government inherited a terrible economic situation, everybody knows it. The government inherited an economy in which the total national revenue was barely enough to service our debt burden. Spending 96 per cent; which is to say every one hundred naira Nigeria earns, ninety-six kobo is to pay debt”
However, he expressed confidence that issues arising from the removal of fuel subsidy will be quickly resolved between the Federal Government and organized labour.
He affirms that President Tinubu recognizes the impact the withdrawal of fuel subsidy is having on Nigerians and is determined to take immediate action to cushion it.
Oshiomhole said, “The president recognizes that the effect of the withdrawal is already here, people are already going through some level of discomfort and therefore there has to be an immediate solution to it.
“Now that immediate solution is what we discussed and the fact that we are meeting on Tuesday again shows that clearly, we realize that this is not one of those things you want to buy time because it has a real negative impact, particularly on the most vulnerable group.
“But we have a solution to it because you are going to make savings, so take from that savings or even if it is borrowing.
“So, whatever it is, you can leverage some revenue and improve wages to cushion the cost of living, I think it is legitimate, I think it is doable, it is not something that you want to spend two to three months negotiating,” he said.
