Senator Jimoh Ibrahim, CFR, has highlighted the economic challenges inherited by President Bola Tinubu, comparing his administration’s policies with those of his predecessor, Muhammadu Buhari.
According to a report by Channels TV, the senator pointed out that under the previous administration, 30 trillion naira was printed without being directed toward major projects or meaningful development. He attributed this move to the rising inflation and persistent fuel subsidy burden.
Defending Tinubu’s economic approach, Ibrahim stated that the current administration is working to reverse the country’s financial downturn within a short period. He argued that Nigeria's economy was already struggling before Tinubu took office, citing that 96% of government revenue was being used for debt servicing under Buhari’s leadership.
Challenging critics of the current administration, Senator Ibrahim questioned whether any country has maintained the same price for essential goods over consecutive years despite economic challenges.
In his words: “When Buhari was president, we printed 30 trillion naira, yet no one said the economy was bad. Was it right to inject such a huge amount into circulation without focusing on major projects? The excess money in the market fueled inflation while the subsidy remained. Now, Bola Tinubu has stepped in to stabilize the economy and give Nigeria a fresh start.”
He further added: “Tell me one country where bread was sold for one naira last year, and it’s still the same price this year. If you can’t find one, then it’s unfair to criticize the government. The past administration left the economy in a dire state, with 96% of revenue spent on debt servicing. Expecting Tinubu to solve all these problems within 18 months and restore past prices is unrealistic.”
Ibrahim’s remarks underscore the challenges facing the current administration as it navigates Nigeria’s economic recovery efforts.
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