Buhari Borrowed $400bn to Pay Fuel Subsidy, Stabilize Naira – Senator Adeola

Buhari Borrowed $400bn to Pay Fuel Subsidy, Stabilize Naira – Senator Adeola
Senator Adeola Olamilekan Yayi, Chairman of the Senate Committee on Appropriations, has revealed that the immediate past administration borrowed trillions of naira to sustain the fuel subsidy, a benefit he said was enjoyed by less than 1% of Nigerians.

He further disclosed that an additional $400 billion was borrowed to stabilize the naira against the dollar — a fiscal move that, according to him, pushed the nation’s economy to the brink of collapse.

Speaking on Saturday at the 2nd Edition of the Town Hall Meeting/Mega Empowerment and Thank You Tour in Ayetoro, Yewa North Local Government Area of Ogun State, Senator Adeola praised President Bola Ahmed Tinubu for taking decisive steps to revamp the economy. He emphasized that all current reforms are aimed at securing a better future for generations yet unborn.

Representing Ogun West Senatorial District, Adeola credited President Tinubu’s removal of fuel subsidy and the floating of the naira as key decisions that prevented Nigeria’s economy from total collapse. He appealed to Nigerians to remain patient, assuring that the administration’s economic policies are already beginning to yield positive results.

Regarding the empowerment programme, the senator said it was organized to appreciate constituents of Yewa North for their support during the 2023 general elections. He noted that similar programmes had been held in Imeko-Afon Local Government Area and would be extended to Yewa South, Ipokia, and Ado-Odo/Ota LGAs.

Highlighting his achievements in nearly two years in the Senate, Adeola explained that he has leveraged his position as Chairman of the Appropriations Committee to champion the interests of Ogun West and attract developmental projects. These include road construction, the provision of power transformers, solar light installations, ICT centers, primary healthcare centers, ultra-modern markets, and police stations.

The senator also announced a new scholarship and bursary initiative for 3,000 students across the six LGAs of Ogun West, awarding N200,000 and N100,000 respectively.

Adeola expressed gratitude to Ogun State Governor Dapo Abiodun for his unwavering support of development efforts in Ogun West and urged constituents to continue backing the administration.

In his remarks, Minister of State for Health and Social Welfare, Dr. Iziaq Kunle Salako, commended Senator Adeola for delivering tangible dividends of democracy to the people of Ogun West.

The event was attended by several dignitaries, including former Senator Kola Bajomo; Hon. Kayode Oladele, Commissioner at the Federal Character Commission; Hon. Ogo Akinleye, Commissioner at the Public Complaints Commission; former Speakers of the Ogun State House of Assembly Rt. Hon. Tunji Egbetokun and Rt. Hon. Suraju Adekunmbi, among other federal and state officials.