BREAKING: ‘The Worst Is Over’ – Oshiomhole Assures Nigerians Of Economic Recovery Under Tinubu

Former Edo State Governor, Adams Oshiomhole, has assured Nigerians that the worst of the country’s economic challenges is behind them, reaffirming that under President Bola Tinubu’s leadership, the country is on the path to recovery.

Speaking on Politics Today on Channels Television, Oshiomhole acknowledged the current hardships, including rising living costs and business closures, but emphasized that the tough reforms undertaken by the government, though painful, are crucial for long-term economic stability.

The senator representing Edo north urged citizens to remain patient and trust in the long-term benefits of the ongoing reforms.

“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 took the right decision by insisting that in the first term, he would take all the tough decisions — prayerfully — so that as we move on, the situation improves,” he said.

No Immediate Solutions, Acknowledging Inherited Challenges

Rejecting the notion of instant fixes, Oshiomhole stressed that effective governance requires time and a deep understanding of the issues at hand. He reminded Nigerians that the difficulties of the past cannot be erased overnight.

“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.

“Tinubu abolished the ‘benefit of exchange rate’ transfer to bureau de change. Today, what he gets in exchange rate is what I get. Eliminating that free rate — which was available to a few people connected with the CBN management — took courage,” Oshiomhole explained.