By Abbanobi-Eku Onyekachi, Abuja
Senator Solomon Adeola, Chairman of the Senate Committee on Appropriations, has issued a statement denying a news report claiming that the administration of former President Muhammadu Buhari borrowed $400 billion to stabilize the Naira against the Dollar during his tenure.
According to Senator Adeola’s media adviser, Chief Kayode Odunaro on Monday, the report was a misquotation stemming from a translation error from Yoruba to English. The senator had actually discussed the economic policies of previous administrations, stating that they spent trillions of naira on fuel subsidy and defending the naira, which benefited a negligible number of Nigerians while accumulating huge national debt.
At a Town Hall Meeting/Mega Empowerment Programme in Ayetoro, Ogun State, Senator Adeola justified the removal of oil subsidy and the floating of the exchange rate by President Bola Ahmed Tinubu’s administration, saying these bold fiscal policies prevented the Nigerian economy from collapsing.
Senator Adeola holds former President Buhari in high esteem, acknowledging his efforts in managing the economy during his tenure. The senator’s office attributes the misquotation to confusion in translation, likely mistaking “40” for “400” in the debt figure.
Several major newspapers reportedly relied on online blogs for their stories, despite not having attended the event personally. Senator Adeola’s statement aims to set the record straight and provide accurate information on his stance regarding economic policies.
