Edo North Senator, Adams Oshiomhole, has defended President Bola Tinubu’s borrowing and debt repayment policies, saying part of the financial obligations being serviced by the current administration were inherited from the governments of former Presidents Goodluck Jonathan and Muhammadu Buhari. Oshiomhole made the remarks during an interview on TVC News’……
Edo North Senator, Adams Oshiomhole, has defended President Bola Tinubu’s borrowing and debt repayment policies, saying part of the financial obligations being serviced by the current administration were inherited from the governments of former Presidents Goodluck Jonathan and Muhammadu Buhari.
Oshiomhole made the remarks during an interview on TVC News’ Beyond the Headline with Nifemi Oguntoye on Monday, July 27, while responding to criticism of the Tinubu administration’s economic policies and rising public debt.
The former Edo State governor said it was misleading to attribute all debt repayments to borrowings undertaken by the current administration, explaining that many of the loans had matured after being contracted by previous governments
The former Edo State governor said it was important to distinguish between fresh borrowing for new projects and loans taken to repay debts that had matured.
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Oshiomhole said, “Sometimes, you have to borrow new funds to repay old debts.”
“Part of the debts that this president is paying were not money he borrowed in 2023 on assumption of office. Some of them were borrowed during Jonathan. Some were borrowed during Buhari but they are now due for repayment. Some of them were borrowed during COVID when the whole world was in trouble,” he added.
Oshiomhole argued that debt servicing should be viewed within the context of inherited financial obligations rather than as evidence of fresh borrowing alone.
He also maintained that President Tinubu inherited an economy under severe pressure and had taken difficult decisions to restore stability.
“If people only knew that Nigeria was at the breaking point at the time Tinubu took over. If they understood the seriousness of the situation, I can only compare it to a man with almost grade four cancer. The surgery has been done. Now we are beginning to see the benefits,” he said.
The senator said the administration’s reforms, including efforts to stabilise the economy and invest in infrastructure, should be assessed based on their long-term impact rather than immediate political considerations.
According to him, the government’s economic policies are beginning to yield results, despite the challenges still being experienced by many Nigerians.