Senator Adams Oshiomhole, a former Edo State governor, has reaffirmed his support for President Bola Ahmed Tinubu’s economic reforms, describing the current hardships as a necessary phase in Nigeria’s recovery process.
The senator acknowledged widespread frustration over the rising cost of living and business closures since the removal of the fuel subsidy in 2023. However, he urged Nigerians to be patient and keep faith in the administration’s decisions.
“The surgeon has gone to carry out the surgery… there has to be pain,” Oshiomhole said. “But the good news is that the patient is healing. Maybe he could heal faster, but there can be no question that the patient is healing.”
‘No Magic Fix’ for a Broken System
Oshiomhole pointed to what he called massive liabilities and economic mismanagement inherited by the Tinubu administration, including the “reckless misuse of ways and means.”
He argued that tough decisions, such as the exchange rate unification, were inevitable to prevent Nigeria from falling into economic chaos, citing Zimbabwe’s hyperinflation crisis as a potential outcome had reforms not been implemented.
“The consequential increase in cost of living was predictable. But if that was not done, Nigeria was on its way to Zimbabwe,” he warned.
According to him, President Tinubu made a deliberate choice to implement all difficult policies early in his first term, with a focus on long-term economic stabilization.
“He took the right decision by insisting that in the first term, he would take all the tough decisions — prayerfully — so that as we move on, the situation improves,” he added.
Tinubu Still Electable, Says Oshiomhole
Oshiomhole dismissed the notion of quick fixes and emphasized that effective governance requires time and a clear understanding of inherited challenges.
“There is no magic to governance,” he said. “I don’t think any Nigerian who understands the macroeconomic environment that was inherited by this government would expect that, in 24 months, everything would be fixed.”
Despite the ongoing hardship, the senator expressed optimism, stating:
“The worst is over, and we are going to begin to witness improvements in the standard of living.”
A Stand Against FX Exploitation
Oshiomhole also praised Tinubu for dismantling what he described as an exploitative foreign exchange regime that previously benefited a connected few.
“Tinubu abolished the ‘benefit of exchange rate’ transfer to bureau de change. Today, what he gets in exchange rate is what I get. Eliminating that free rate — which was available to a few people connected with the CBN management — took courage.”
Despite widespread discontent, he said he believed that if a presidential election were held today, Tinubu would still win.
“Given where we are today in the economy, Tinubu will still win the presidential election,” he declared.
