Speaking on Channels Television’s Politics Today on Sunday, the ex-Edo State governor stated emphatically that Nigeria’s economic challenges predate Tinubu’s administration.
According to him, it would be both unfair and intellectually dishonest to hold the president solely responsible for the current hardships, as the economy was already in recession before Tinubu took office.
“The Nigerian economy was already under recession before President Tinubu came in,” Oshiomhole declared.
Contrary to what some people are saying, he did not inherit a growing economy. Even the National Bureau of Statistics—not just the IMF or the World Bank—had already indicated that we were heading for economic collapse”, he added.
To reinforce his argument, Oshiomhole referenced the Democracy Day speech by Anambra State Governor, Professor Chukwuma Soludo, delivered at The Platform Nigeria, an event hosted by The Covenant Nation in Lagos on June 12.
In the address, Soludo praised Tinubu for taking decisive steps to rescue the nation from fiscal insolvency.
Oshiomole quoted Soludo as saying, “The Nigerian economy was already under recession. As we speak, even the IMF and the World Bank are not the ones to tell us who we are. But the fact is that our Bureau of Statistics has informed us that the economy is on the path of growth and development.
“If you want to further understand this, while you quote opposition figures, take time to read the lecture delivered by Professor Soludu on Democracy Day to an enlightened community in Lagos. It’s very informative.
“It reminds us that the president came in just on time to save Nigeria from total financial collapse. So if a country is already on the verge of insolvency and somebody has come to rescue it, the first thing you do is to stabilise it before you begin to record growth. And we are already beginning to record that growth.”
Oshiomhole also pointed to Tinubu’s intervention in reversing the controversial naira redesign policy introduced by the previous administration, which had left millions of Nigerians without access to their hard-earned money.
“Before Tinubu was sworn in, many poor Nigerians in over 300 local governments without banking services had their money essentially confiscated. The currency they worked hard to earn was declared invalid by the CBN. President Tinubu reversed that. Today, those old Naira notes are valid again. That matters,” he said.
The former Nigeria Labour Congress president acknowledged the struggles ordinary Nigerians continue to face, particularly with the rising cost of living and declining purchasing power, but maintained that progress is being made.
“Yes, there are still serious problems. Purchasing power is low, and people are struggling. But the recovery is on. Nigeria is a work in progress. It could be faster, but no one can say that the situation has remained static since Tinubu assumed office,” he concluded.