Senator Adeniyi Adegbonmire says President Tinubu inherited a collapsing economy and chose tough, unpopular reforms to steer Nigeria away from disaster.
By peterside Rejoice Eneky
In a strongly worded address on Tuesday, Senator Adeniyi A. Adegbonmire, Chairman of the Senate Committee on Judiciary, Human Rights and Legal Matters, delivered a passionate defense of President Bola Ahmed Tinubu’s economic policies, insisting that the president’s decisions though difficult have prevented Nigeria from plunging into economic ruin.
Addressing the National Assembly New Media Forum, the Ondo Central senator said that President Tinubu inherited an economy teetering on the brink of collapse. He described the situation as a “financial time bomb” fuelled by years of unsustainable subsidies, reckless borrowing, and unchecked monetary expansion.
“What President Tinubu met was a bleeding economy subsidy fraud, uncontrolled borrowing, and a Central Bank printing trillions without productivity,” Senator Adegbonmire said. “Any leader could have inherited this mess, but not every leader would have had the courage to fix it. Tinubu took the bullet.”
Senator Adegbonmire painted a bleak picture of the economy in mid-2023, claiming the country was suffering from institutionalized fraud in the fuel subsidy regime and perilous fiscal management.
“We were paying trillions for fuel, and over 60 percent of that fuel was smuggled across borders,” he revealed. “It was an industrial-scale fraud, and it was the Nigerian people who were footing the bill.”
He accused past administrations of creating a fragile economy built on excessive borrowing and artificial monetary support, pointing fingers at the Central Bank of Nigeria for printing money without any corresponding increase in productivity.
“We were living on borrowed money, borrowed time, and borrowed stability,” he said. “The system was unsustainable it was bound to crash.”
Tough Choices Over Political Games
The senator emphasized that Tinubu’s decision to remove fuel subsidies, float the naira, and introduce fiscal tightening measures were made in the nation’s best interest, not for political gain.
“Politics would have kept the subsidy. But Tinubu chose leadership. He chose sacrifice over applause,” Adegbonmire stated. “That’s what sets him apart. These reforms are not convenient they are courageous.”
While acknowledging that these policies have led to short-term hardship for many Nigerians, Adegbonmire said they are laying the groundwork for economic recovery and future stability.
Opposition Under Fire for Hypocrisy
Adegbonmire also took a swipe at opposition leaders, including former Vice President Atiku Abubakar and former Anambra State Governor Peter Obi, accusing them of hypocrisy.
“They campaigned on ending fuel subsidy. They knew it was unsustainable. But now they attack the same policy they promised. None of them has provided a credible alternative just loud criticism,” he said.
He challenged the opposition to present realistic solutions rather than exploit public frustration for political advantage.
Addressing the Power Crisis
On the issue of Nigeria’s ongoing electricity problems, Senator Adegbonmire said that flawed privatization deals made during previous administrations were largely to blame. He argued that licenses were awarded to companies lacking technical capacity, which has led to persistent inefficiencies.
“We sold power assets to people who had no business managing them, then turned around and started subsidizing their failures. No serious nation does that,” he said.
He assured that Tinubu’s administration is working to correct these errors and establish a more reliable and sustainable energy system.
In a nod to the administration’s long-term vision, the senator highlighted the newly introduced student loan program as a key initiative aimed at unlocking Nigeria’s human capital potential.
“You cannot develop an economy without developing your people. Tinubu knows that,” he said. “This loan scheme opens access to higher education for millions. It’s not just policy it’s a future-building strategy.”
He added that this investment in education is part of a broader vision to lift literacy rates, reduce unemployment, and foster innovation.
Senator Adegbonmire called on Nigerians to adopt a new national mindset one rooted in discipline, responsibility, and sacrifice.
“There is no such thing as free government money. Every naira spent comes from taxpayers. If we want to see change, we all have to make changes even in our homes,” he said.
He emphasized that while the economic pain is real, it is temporary, and the foundations being laid will yield long-term benefits.
Hope in the Midst of Hardship
Despite public frustration over inflation and rising living costs, Adegbonmire remained optimistic, asserting that Tinubu’s reforms are already setting Nigeria on a better path.
“You may not feel it now, but the foundation is being laid. This is not cosmetic it’s structural. Nigeria is being reset,” he said.
In closing, he urged Nigerians to be patient and patriotic.
“President Tinubu has done exceedingly well under the circumstances he inherited. These are not easy times, but they are necessary times. If we do not take tough steps today, there may be no country to save tomorrow.”
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