Ex-Governor Oshiomhole Boasts of Economic Progress Under President Tinubu's Leadership
In a chat on Channels TV's Politics Today, Oshiomhole expresses optimism about the nation's economic future
"Economic Recovery Assured by Oshiomhole: 'The Tough Times Are Behind Us' Under Tinubu"
In a candid television interview, former Edo State Governor, Adams Oshiomhole, offered reassurance to Nigerians about the country's economic recovery under President Bola Tinubu's leadership. Following tough reforms to address underlying issues, Oshiomhole believes the most difficult hurdles have been overcome.
Addressing the current economic hardships, soaring living costs, and business closures, Oshiomhole argued these painful measures were crucial for the nation's long-term economic stability. He urged citizens to bear with the government and have faith in the long-term advantages of the implemented reforms.
Oshiomhole likened the recovery process to a medical procedure, stating the need for some degree of pain before healing. He emphasized that the country was indeed on the path to recovery, though progress might not be immediate.
Tackling Economic Challenges
Oshiomhole suggested that the decision to unify the exchange rate was a necessary measure to align supply with demand, and avoided discussing the potential consequences if such a step hadn't been taken. He insinuated that failure to take action could have led to a catastrophic economic collapse like Zimbabwe's.
President Tinubu, Oshiomhole explained, faced the most pressing economic challenges head-on in his first term, aiming to establish a stable and prosperous future for the country.
Time for Effective Governance
The former governor rejected the notion of instant solutions to the nation's economic issues, stressing the need for patience and thoughtful action. He acknowledged that the economic crisis wasn't resolved overnight, given the neglect and mismanagement of the past.
Reflecting on his own tenure as a state governor, Oshiomhole highlighted the necessity for leaders to assess challenges and prioritize solutions, comparing his process to sailing a boat in stormy seas. He expressed optimism about the future, acknowledging that though hardships persisted, improvements were on the horizon.
In conclusion, Oshiomhole expressed his confidence in President Tinubu's ability to win any future election, given his bold economic reforms that have begun to bring positive change.
Insight: Economic Reforms under President Tinubu
Although Oshiomhole didn't elaborate on the specifics, the administration has made significant economic reforms:
- Exchange Rate Unification: Seeking to encourage foreign investment and eliminate distortions in the Naira's value, the government unified the official and market exchange rates.
- Removal of Petrol Subsidies: This action formed part of broader efforts to reduce fiscal burdens, freeing up resources for more efficient allocation.
- Revenue Mobilization: Efforts to improve tax administration have been prioritized to strengthen fiscal buffers and enhance economic stability.
These changes have brought improvements in fiscal discipline, macroeconomic stability, and have attracted the IMF's favorable evaluation, though further reforms are needed to consolidate gains. However, challenges persist, with high inflation, lingering interest payments on IMF loans, and the depreciation of the Naira, evidencing underlying economic imbalances.
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- Former Governor Oshiomhole, during a discussion on Channels TV's Politics Today, expressed optimism about the economic progress under President Tinubu's leadership in Nigeria.
- Oshiomhole believes that the country has overcome the most difficult hurdles in its economic recovery, despite current economic hardships, high living costs, and business closures.
- President Tinubu tackled the nation's economic challenges head-on in his first term, aiming to establish a stable and prosperous future for Nigeria.
- Under Tinubu's administration, significant economic reforms have been implemented, such as the unification of the exchange rate, the removal of petrol subsidies, and improved tax administration for revenue mobilization.
- Although challenges still persist, like high inflation, lingering interest payments on IMF loans, and the depreciation of the Naira, these reforms have brought improvements in fiscal discipline, macroeconomic stability, and attracted the IMF's favorable evaluation.
- In a confident tone, Oshiomhole expressed his belief that President Tinubu's bold economic reforms have begun to bring positive change and are likely to be successful in any future election.
