Best option for Tinubu’s administration to revamp battered economy is securing loan for now, says osoba

The chieftain of the ruling All Progressives Congress (APC), Chief Olusegun Osoba said the best option for administration of President Bola Tinubu to better standard of living of Nigerians in 2024 is  to borrow to fill the gap

Penpushing reports that Osoba made this clear while speaking during television interview, explaining that on assumption of office, the President met empty treasury, noting that Nigeria was almost crashing on May 29 when Tinubu took over the reins of government.

The former two-term Governor of Ogun State, pointed out that Nigerians already experienced the worst of the economy in 2023 and therefore should look forward to a better standard of living in 2024, adding that Tinubu was working hard to contain the widespread hardship in the country.

Penpushing further reports that Osoba a renowned journalist explained that his meeting with the President, showed that he (Tinubu) feels the pains Nigerians are currently going through, but quickly pointed out that does not mean the culture of borrowing will go on forever.

‘When the treasury was empty and the last administration was borrowing to pay salaries, the whole place was empty. What else can you do other than in the meantime, borrowing to fill the gap? Osoba said

‘That does not mean that the culture of borrowing will go on forever. You met an empty treasury. There was nowhere to turn other than to still engage in a bit of borrowing.  After the first year in office, the whole thing will be reviewed and we will see.

‘Talking of borrowing, when your pocket is empty, you have to go to your bank to shore you up for some time. It depends on how you manage that situation. I have explained to you that we are lucky, but by June 1, the whole system was set up to totally collapse. I’m telling you if he (Tinubu) didn’t go the way the government had to go (things would have collapsed),” Osoba noted.

‘He is a listening person. I had quality time with him on Christmas day and even my grandson engaged him in discussion and the young boy was very honest with him and told him some of the things that are going on’, he stated.

Penpushing also reports that Osoba disclosed that he had advised Tinubu on what to do about the humongous monies outside the banking system, which he said must find its way back to the bank vaults

The known frankly speaking politician and former editor of the old Daily Times said he equally suggested to the President that the anti-corruption agencies should allow the banks to accept deposits without asking for the sources of the funds.

Penpushing reports that Osoba added that during his visit to the president he hinted that he was planning to sign an executive order that would liberalise deposits by Nigerians in the deposit money banks.

The former Governor added that once the coast was clear, those who buried money in their homes would be encouraged to exhume it and deposit the same in the banks, lamenting that due to scarcity of naira both within and outside the banking system, Nigerians had resorted to saving their money in $20, $50 notes instead of in local currency.

Penpushing further reports that Osoba faulted a situation whereby naira that is said to be scarce always found its way to venues of parties where hawkers sell the notes for a commission to those who indulge in open display of spraying the notes.

‘In the history of foreign exchange, do you know that Nigerians are also not helping? The amount of money out of the system even as a grassroots person and as a journalist, even ordinary drivers are changing their little N50 to $20 and $50 at home’.

‘The confidence that everybody lost before Tinubu came which spilled over into his administration, I said Mr. President, can you do something? The amount of money out of the system is enormous. What can you do to encourage people?”.

Penpushing also reports that the leader of All Progressives Congress (APC) emphasized that Tinubu was very worried about the development and had heeded his advice to act expeditiously to control the liquidity outside the banking system.

‘I have reasonable confidence that year 2023 is going to be perhaps the worst of the years we have ever had. Starting from that, I strongly believe the year 2024 will be the beginning of the year of the president’s renewed hope’, Osoba said.

‘I do agree that things are very tough for everybody, irrespective of status in society. But there is nobody in this country, who is not feeling the pain and the current hardship. That I will admit, that I will not pretend not to know. But I can tell you that the government at the same time is struggling very hard to contain the hardship and reduce the pain’, he added.

Penpushing reports that Osoba observed that the increase in the budget sum for 2024 by the legislature was not out of place, explaining that the implementation was the most important thing, adding that no doubt there is hardship.

‘There is hardship, there are problems. But we expected it because at the time that President Bola Tinubu assumed office, there was not a single allocation for oil subsidy. The previous administration did not allocate a kobo from May 30 for oil subsidy. What else did you expect from Tinubu when he cannot go outside the Act, the law is there’.

“Not one kobo allocation. He had no choice but to pronounce the removal of subsidy because he would have breached the law immediately, he was sworn in if he continued with the subsidy’, Osoba emphasised.

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