Former Governor of Ogun State, Olusegun Osoba, said without Chief Bola Ahmed Tinubu, the entire Nigerian system would have faced a complete collapse.
Osoba disclosed this during an interview on Arise Television.
Osoba detailed the challenges faced by Tinubu’s government upon assuming office, citing an empty treasury that necessitated a borrowing spree as a stopgap measure.
He reassured Nigerians that while borrowing was necessary in the short term, the administration would review and adjust its strategies after the initial phase.
Osoba defended the borrowing as a response to the dire financial situation, stating, “When the treasury was empty and the last administration was borrowing to pay salaries, the whole place was empty. What else can you do other than in the meantime, borrowing to fill the gap?
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“That does not mean that the culture of borrowing will go on forever. You met an empty treasury. There was nowhere to turn other than to still engage in a bit of borrowing. After the first year in office, the whole thing will be reviewed, and we will see.
“Talking of borrowing, when your pocket is empty, you have to go to your bank to shore you up for some time. It depends on how you manage that situation.
“I have explained to you that we are lucky, but by June 1, the whole system was set up to totally collapse. I’m telling you if he (Tinubu) didn’t go the way the government had to go, (things would have collapsed),” Osoba added.
Despite acknowledging the current hardship, Osoba conveyed optimism for 2024, expecting improvements in the country’s economic conditions under Tinubu’s leadership.
Regarding the recent increase in the 2024 budget, Osoba asserted that the key lay in its practical implementation, highlighting the need for reasonable utilization of allocated funds.
Responding to inquiries about Tinubu’s absence from Plateau State amidst security crises, Osoba emphasized the president’s commitment to addressing the root causes rather than token appearances.
Osoba acknowledged the impact of Tinubu’s policy decisions on both the rich and the poor, attributing them to the imperative of fostering economic growth.
He criticized wasteful spending among state governments, urging sub-national entities to curb excesses and prioritize prudent financial management.