The Chairman of the Senate Committee on Appropriation, Solomon Adeola (Yayi), has alleged that former President Muhammadu Buhari’s government borrowed over 400billion dollars in order to stabilise the naira against the US currency.
Adeola, who is representing Ogun West, also said the administration spent trillions of naira on fuel subsidy, saying the funds were held by less one percent of Nigeria’s population.
The Senator spoke on Saturday at the 2nd Edition of Town Hall Meeting/Mega Empowerment and Thank You Tour, held at Ayetoro, Yewa North Local Government Area of Ogun State.
He said Bola Tinubu’s two major decisions – fuel subsidy removal and floating of naira – saved Nigeria’s economy from total collapse.
Adeola said, “When the Tinubu assumed office, he carried out two major policies that hit Nigerians hard. We now heave a sigh of relief.
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According to him, previous administration had borrowed heavily to fund fuel subsidy and stabilise naira against the dollar, but the bold step of Tinubu-led administration is the saving grace for the nation.
He praised Tinubu for taking the “hard but necessary decision” to revamp the hitherto comatose economy.
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