Adams Oshiomhole, the former governor of Edo State, has reassured Nigerians that the worst of the nation’s economic difficulties are behind them and reaffirmed that the nation is recovering under President Bola Tinubu’s direction.
Speaking on Channels Television’s Politics Today, Oshiomhole acknowledged the current challenges, such as growing living expenses and company closures, but underlined that the government’s difficult reforms—while painful—are essential for long-term economic stability.
The senator for Edo North asked people to have patience and believe that the ongoing reforms will pay off in the long run.
There is no question that there are huge challenges. But if you look at the balance sheet that this president inherited — massive liabilities arising from the very reckless misuse of ways and means — you’d understand why these steps were necessary,” he explained.
Comparing the economic recovery process to a medical procedure, Oshiomhole explained the need for pain in healing, saying, “It’s a work in progress. The surgeon has gone to carry out the surgery. He understands that there is a level of pain — there has to be pain. But the good news is that the patient is healing. Maybe he could heal faster, but there can be no question that the patient is healing.”
He emphasized that the decision to unify the exchange rate was a painful but necessary move to balance supply with demand, warning that failure to take this step could have resulted in a catastrophic economic collapse similar to Zimbabwe’s.
“The consequential increase in cost of living was predictable. But if that was not done, Nigeria was on its way to Zimbabwe,” he noted.
According to Oshiomhole, President Tinubu made a deliberate choice to confront the most difficult challenges in his first term, with the aim of ensuring a stable and prosperous future for the country.
“He made the right choice when he insisted that he would make all the difficult choices during the first term, praying about them, so that things get better as time goes on,” he said.
No Quick Fixes, Recognizing Inherited Difficulties
Oshiomhole emphasized that time and a thorough comprehension of the problems at hand are necessary for effective administration, rejecting the idea of quick answers. He reminded Nigerians that it takes time to overcome the challenges of the past.
“There is no magic to governance. I don’t think any Nigerian who understands the macroeconomic environment that was inherited by this government would expect that, in 24 months, everything would be fixed,” he explained. “Truly, this economy was badly mismanaged. This is not to blame anyone, but to speak to fact. I can say the worst is over, and we are going to begin to witness improvements in standard of living.”
Reflecting on his own experience as a former state governor, Oshiomhole noted that leaders need time to assess challenges and prioritize solutions.
He said, “As a governor, it took me time to have a holistic view of the challenges I inherited and to decide, in terms of priority, what to do first.”
He concluded by acknowledging the ongoing hardships faced by many Nigerians, but expressed cautious optimism for the future: “As a Nigerian, I live in the community and among the people. I can say that there is a level of hardship, but things are improving.”
Oshiomhole also expressed confidence that, if an election were held today, President Tinubu would still win due to the bold steps he has taken to restructure the economy.
“Given where we are today in the economy, Tinubu will still win the presidential election,” Oshiomhole declared.
He lauded Tinubu’s decision to dismantle what he referred to as a “foreign exchange regime” that only benefited a select few.The “benefit of exchange rate” payout to the Bureau of Change was eliminated by Tinubu. I receive the same exchange rate as he does today. It took guts to remove that free rate, which was only accessible to a select few with ties to the CBN management, Oshiomhole said.
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