Buhari’s GOVT borrowed $400 billion to stabilize naira

The chairman of the senate committee on appropriation, Solomon Adeola (YAYI), has alleged that former President Muhammadu Buhari borrowed over 400billion dollars to stabilize the naira against the US currency. The senator representing Ogun West said the administration also spent trillions of naira on fuel subsidy saying the funds were pocketed by less than one per-cent of the country’s population.

He said President Bola Tinubu’s two major decisions – fuel subsidy removal and floating of the naira – saved Nigeria’s economy from total collapse. He praised President Tinubu for taking the “hard but necessary decision.”

The Senator who spoke during the weekend at a town hall meeting in Ayetoro, Ogun State said previous administration had borrowed heavily to fund fuel subsidy and stabilize naira against the dollar, but the bold step of Tinubu-led administration is the saving grace for the Nation.