Mr Bayo Onanuga, who happens to be the Special Adviser to President Bola Ahmed Tinubu on Information and Strategy, during an interview with The Nigerian Tribune, has spoken on one of the reasons for the subsidy removal that was implemented by President Bola Ahmed Tinubu.
While he was talking he said that it was necessary because the Nigeria’s economy was already in shambles, and that the federal government was owing the NNPC the sum of N4 trillion for subsidy payments.
He said, “The economy was really in shambles by the time Tinubu took over. The government was owing the NNPC over N4trn. Debt servicing was eating up the entire revenue of the government. The CBN reportedly spent $1.5 billion monthly to support Naira to keep the value artificially low. “
Further talking, he said that the federal government borrowed a lot of money. So, there was no way they could have continued along the trajectory.
He said that the President Bola Ahmed Tinubu’s led government, is trying to put a lot of things in place to make sure the economy is put on a sounder footing.
