Market News

BY James Sowole in Abeokuta

The senator representing Ogun West senatorial district at the National Assembly, Solomon Olamilekan Adeola has said that President Bola Tinubu saved Nigeria’s economy from total collapse by removing fuel subsidy and floating the naira. Adeola, who noted that President Muhammadu Buhari’s administration had borrowed heavily to fund fuel subsidy and stabilise the naira against the dollar, added that the bold step of President Tinubu-led administration was the saving grace for the nation.

The senator made the disclosure yesterday while speaking at the 2nd Edition of Town Hall Meeting/Mega Empowerment and Thank You Tour, held at Ayetoro, Yewa North Local Government Area (LGA) of Ogun State. Adeola, who is  the Chairman, Senate Committee on Appropriations, disclosed that the immediate past administration had to borrow trillions of naira to pay fuel subsidy, which according to him was being collected by less than one per cent of Nigerians.

He disclosed further that no fewer than $400billion was equally borrowed to stabilise naira against the dollars, a fiscal policy which left the country’s economy at the brink. While commending President Tinubu for taking the hard decision to revamp the hitherto comatose economy, Adeola observed that all the reforms being undertaken by the incumbent administration in the country were to secure the future of the unborn generations of Nigerians.

He, however, appealed to Nigerians to continue to be patient with the administration of President Tinubu, declaring that the current economic policies have started yielding positive results. On the empowerment programme, the senator explained that the programme was organised to reward and appreciate the constituents in Yewa North Local Government Area for their support during the 2023 general election. He added that the empowerment programme, which was also held in Imeko-Afon LGA on Friday, will be held in Yewa South, Ipokia and.Ado-Odo/Ota LGAs.

Reeling out his achievements in the Senate in almost two years in the saddle, Adeola, said he has taken the advantage of his position as the Chairman of the Senate Committee on Appropriations to fight for the rights of his constituents and facilitate developmental projects to Ogun West. He listed road construction, power transformers, installation of solar lights, ICT centres, construction of Primary Healthcare Centres, ultra-modern markets, police stations as some of the infrastructural projects he had facilitated and completed under two years

The senator, however, disclosed that another set of 3,000 students selected across the six LGAs in Ogun West will be given scholarship and bursary awards of N200,000 and N100,000, respectively.

While thanking Governor Dapo Abiodun of Ogun State for supporting all his activities in Ogun West, especially the empowerment programmes, he urged the people to continue to rally support for the incumbent administration in the state.

Earlier in his remarks, the Minister of State for Health and Social Welfare, Dr. Iziaq Kunle Salako, lauded Senator Adeola for facilitating real dividends of democracy in Ogun West.