Akpabio: Tinubu Inherited a Challenging Economy

Senate President Godswill Akpabio has remarked that Bola Ahmed Tinubu faced what he termed a "foamy economy" upon taking office in 2023.

Akpabio made these comments in Abuja on March 13 during the inauguration of the All Progressives Congress convention sub-committee dedicated to programs and events, as reported by Jackson Udom.

He expressed that the National Assembly will persist in backing the reform agenda set by President Tinubu. "The National Assembly will continue to support the agenda of the Tinubu-led government in its endeavors to navigate the country towards better conditions," he stated.

Having held a ministerial position under former President Muhammadu Buhari, Akpabio noted that Tinubu encountered a faltering economy upon his entry into power. "President Tinubu inherited what can be described as a foamy economy," he remarked.

He indicated that the president has had to make tough but crucial choices to stabilize the economy, including implementing reforms in exchange rates and the removal of the fuel subsidy. "He needed to think creatively by aligning the exchange rate and eliminating the fuel subsidy, which has been a financial burden on the economy," Akpabio explained.

Moreover, the Senate President disclosed that the government has initiated tax reforms aimed at boosting revenues, especially in sectors beyond oil. "He has established tax reforms that have heightened national earnings from the non- oil sector via the National Revenue Service," he added.

Akpabio pointed out that these reforms have resulted in increased funds being allocated to state governments. He also connected the recent influx of defections from opposition politicians to the ranks of the APC with growing trust in Tinubu’s policies.

"The recent shift of allegiance to the ruling APC is simply a sign of appreciation based on the accomplishments the administration has recorded since 2023," he asserted. Akpabio’s latest statements seem to contrast his previous remarks from May 2022, when he had praised Buhari, describing him as "the best president Nigeria could ever have during trying times."