Akpabio on Nigeria’s Struggles: How Tinubu Took Charge on ‘Life Support’ Economy
Senate President Godswill Akpabio has described Nigeria’s economy as being on “life support” when President Bola Tinubu assumed office in May 2023.
Speaking at a constituency briefing in Ikot Ekpene, Akwa Ibom State, Akpabio recounted a conversation with President Tinubu, who expressed surprise at the dire economic situation he inherited.
Despite these challenges, Akpabio expressed confidence in Tinubu’s commitment to revitalizing the economy, urging Nigerians to support the President’s efforts.
Since taking office, President Tinubu has implemented significant economic reforms, including the removal of fuel subsidies and the devaluation of the naira. These measures, while aimed at stabilizing the economy, have led to immediate hardships for many Nigerians, with rising inflation and increased living costs.
The administration has also sought additional funding to address budgetary shortfalls, requesting approval for an extra $4 billion in spending to support infrastructure development, education, healthcare, and welfare initiatives.
While these reforms are intended to foster long-term economic stability, they have been met with mixed reactions. Critics argue that the measures may exacerbate poverty and economic inequality, while supporters believe they are necessary steps toward sustainable growth.