The senator representing Ondo Central Senatorial District and Senate Committee Chairman on Judiciary, Human Rights and Legal Matter, Senator Adeniyi A. Adegbonmire has urged citizens and the media to take a broader and more historical perspective on the current economic challenges facing the nation, insisting that President Bola Ahmed Tinubu should be commended rather than criticized for the tough but necessary decisions taken in the face of long-standing systemic decay.
“This is not a Tinubu two-year problem,” the senator said in a passionate address to journalists- National Assembly New Media Forum. “It is the result of decades of decadence. Anybody who had become president would have faced the same problems. The question is whether they would have had the courage to act decisively.”
He pointed out that decisions such as fuel subsidy removal, currency reforms, and fiscal tightening—though painful—were vital to preventing economic collapse.
“There is nothing free. Nigerians need to understand that subsidy isn’t magic. Someone pays for it. That someone is the government—meaning all of us.”
Using personal anecdotes from previous administrations, the senator described how previous governments perpetuated an unsustainable subsidy regime and irresponsible borrowing, especially during the Goodluck Jonathan and Muhammadu Buhari eras. He likened the removal of subsidies to a parent cutting back expenses to keep a family afloat after job loss, stating, “You cut down excesses to survive.”
Highlighting the misuse of subsidy funds and fuel smuggling to neighboring countries, he said, “More than 60% of the fuel we claimed to import disappeared across borders, paid for by the Nigerian people. That was our loss.”
He noted that Tinubu had ended the reckless borrowing pattern and enforced fiscal discipline, especially with the Central Bank of Nigeria’s previously unchecked monetary expansions. “The government had turned to book entries—printing trillions without backing. It was a ticking time bomb.”
On the issue of electricity, he blamed the flawed privatization of the power sector, where companies with no technical expertise acquired assets and later sought bailouts. “The government started subsidizing private businesses, something no country can sustain,” he said.
The senator also took aim at political opponents and critics, stating that both Atiku Abubakar and Peter Obi had similarly pledged to end the fuel subsidy during their campaigns, but were now opposing the very policy they once endorsed. “No one among the detractors has offered an alternative. They know this is the hard truth.”
In defense of the president’s forward-looking policies, he cited the introduction of student loans as an investment in Nigeria’s future. “Tinubu understands that education is key. If we don’t increase our literacy rates, we cannot grow as a nation.”
He stressed that the president’s actions stemmed from a desire to preserve Nigeria’s economic future, not political convenience. “Politics would have kept the subsidy. But Tinubu chose courage over convenience.”
In closing, the senator called for discipline, sacrifice, and realism from Nigerians. “Our culture must shift. We cannot consume wastefully and expect progress. Everyone has to make changes, even in their homes.”
Despite growing pains, he believes Nigeria is on a recovery path. “You may not feel it yet, but the foundation is being laid. Tinubu has done exceedingly well under the circumstances he inherited.”
The senator concluded with a stern reminder: “The future is now. If we do not take tough decisions today, there will be no future to hope for tomorrow.”
