Presidential spokesman, Bayo Onanuga claims that Nigeria was in serious financial crisis when his principal, President Bola Tinubu assumed office as the country’s president.
Making this assertion while speaking on Channels TV’s Politics Today on Wednesday, Onanuga claimed that the President Bola Tinubu led government had to remove fuel subsidy and unify the country’s exchange rate to save the country’s economy from am imminent collapse.
He lamented that the President Tinubu administration had spent most of country’s revenue servicing debts.
“The President did not just wake up and said i’m removing subsidy or i’m trying to harmonize the exchange rate, things were terribly bad when he took over, and he needed to take those measures to save this country; this country was in trouble financially we had serious problems very high budget deficit, we were going to spend 97 per cent of our revenue on debt service alone. We were borrowing money to pay workers, things were getting out of hand and there is no way we would have continued that way,” he said.
His comment comes amid increased demonstration against Nigeria’s worsening economy.
News360 Info recalls that President Tinubu had on assumption of office as the country’s president immediately removed fuel subsidy on fuel.
A move that is believed to have caused an unprecedented hardship in the country.
