President Bola Tinubu has said his administration’s economic policy decisions saved the naira from total collapse, insisting that without the reforms, Nigerians would have been carrying cash in wheelbarrows to buy basic goods.
Tinubu stated this on Friday while speaking at the All Progressives Congress (APC) presidential campaign rally in Uyo, Akwa Ibom State, where he defended his administration’s removal of fuel subsidy and unification of the exchange rate.
According to the President, the policies, though painful, were necessary to stop the country from sliding into deeper economic crisis.
He dismissed criticisms that the Nigerian currency had lost much of its value under his watch, boasting that the naira, at N1,300 to a dollar, was “valuable.”
“If we didn’t take a decision on the day I took over, we would be using wheelbarrow to move our naira because it would have been valueless,” the president said.
Dismissing criticisms that the naira had lost much of its value under his watch, Tinubu said, “You’re talking of N1,300 to a dollar. Huh, huh, it still has pocketable value. If we had left it, it would have been a wheelbarrow when you go to the tomato market.”
He also recalled that 27 out of the 36 state governors were unable to pay workers’ salaries before his administration came on board.
Tinubu said his reforms changed the narrative, as states now receive more allocations and are now able to meet their obligations, including payment of salaries and execution of projects.
He urged Nigerians to remain patient, insisting that the country is now on the path to economic recovery.
Recall that the president announced the unification of exchange rates a few days into his administration in 2023, causing the naira to depreciate from N750 to a dollar to about N1,900 before recovering to its present value of N1,300 to a dollar.
