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From Juliana Taiwo-Obalonye, Abuja
Senator representing Edo North, Adams Oshiomhole, has acknowledged the challenges inherited by the current administration, describing the economic situation as dire.
He stressed the need for painful decisions by President Bola Tinubu, comparing it to undergoing surgery to address a serious ailment.
The former national chairman of the All Progressives Congress (APC) spoke to State House Correspondents after a meeting with Vice President Kashim Shettima.
When asked if their discussions included the economy, Oshiomhole explained that they did not specifically address economic issues during the meeting.
However, he commended government’s efforts in implementing macroeconomic policies and emphasised the importance of coordination between the executive and Central Bank of Nigeria (CBN).
The former Edo governor acknowledged that government’s approach to the economy has its challenges and side effects.
He, however, emphasised the necessity of taking the right decisions, even if they require time and may initially face resistance.
Oshiomhole who was also former president of the Nigeria Labour Congress (NLC) said: “There is no quick fix. The government inherited a terrible economic situation. Everybody knows it. The government inherited an economy in which our total national revenue was barely enough to service our debt burden, spending 96 per cent, which is to say every N100,000 Nigeria earns, N96,000 is going to repay debts, to service debt. So, you have only N4,000 left to pay all the salaries.
“So, nothing can be worse. But they came determined that they will have to do business unusual; to arrest the drift, stabilise the economy and then begin to move forward.
“Some painful decisions are necessary. It is like any of us that has been unfortunate to have an ailment that requires surgery. If you want to pretend, you can be applying Vaseline, perfumes, creams and wear babariga to cover all the manifestations of that disease. But a trained doctor that believes in the ethics of medicine will tell you that you need a surgery.
“Surgery will be painful in the short run. They will give you a little bit of pain relief. But they only relieve the pain; they won’t cure the disease. You need surgery and they wheel you to the theatre. It might take three months, six months. But when you recover from that surgery and you bounce back; and you obey all the rules of the game, some of which may require a new way of life; it may require change of lifestyle. You’ll be back and you find out that you can do a relay race because you are fit. I think that is the kind of analogy we can draw in terms of where we are now.
“Already, the executive—the president and vice president—they’ve shown courage in terms of the decisions they have taken, a radical movement away from one in which if you are well connected you could make billions without adding value to one in which if you want to make money you have to work.
“We’ve moved away from a situation where CBN can favour you and you become a billionaire or they can pauperize you and your business collapses. Yes, it has created its own challenges, but I don’t know of any drug without side effect.
“Doctors will always tell you that every drug might cure your ailment but it will have a side effect. So, in taking it you have to do cost and benefit analysis…So, there is no quick fix and there is no miracle in the life of nation states. As they say, leaders and statesmen think of tomorrow, the short-sighted politicians think of what is politically convenient. I’m convinced that Nigeria is safe hands.”
Oshiomhole expressed confidence in the leadership of President Tinubu, saying Nigeria is in safe hands.
