Doyin Okupe, a former presidential aide, has expressed strong support for the reforms implemented by President Bola Tinubu, stating that they are crucial for the long-term well-being of Nigeria and its citizens.
According to Okupe, Tinubu inherited an economy in severe distress, with a staggering 98% of the country’s revenue being used solely for debt servicing. Faced with this dire situation, the President was compelled to take bold and transformative steps to avert the collapse of the nation’s economy.
During an interview on Arise TV on Monday, Okupe emphasized that it would be unfair and, in his words, “almost wicked” to judge President Tinubu’s administration harshly, especially given that it has been in office for only a little over 18 months. He argued that while the economic conditions in Nigeria are challenging, the situation could have been far worse had it not been for the President’s decisive actions.
In his remarks, Okupe pointed out the significant impact of Tinubu’s economic reforms, particularly in stabilizing the exchange rate and curbing the rise in fuel prices. He explained that without these interventions, the Naira could have plummeted to an exchange rate as high as ₦17,000 to one dollar, and the price of fuel could have reached an alarming ₦4,000 per litre. “I’ve heard complaints about the dollar being ₦1,700, but it could have been much worse. It could have reached ₦17,000. And while the price of fuel is now ₦1,000 per litre, it could have been as high as ₦3,000 or ₦4,000 per litre if not for these critical reforms,” Okupe stated.
The former Labour Party leader also reflected on Nigeria’s economic and social situation before Tinubu assumed office, describing the country as being on the brink of economic collapse. He asserted that the country was in a perilous state, socially and economically, before the President began implementing measures to steer it back on course.
Okupe further criticized former President Muhammadu Buhari, accusing his administration of printing as much as ₦30 trillion to obscure the true state of the economy. He claimed that this excessive printing of money was a tactic used to mask the severity of Nigeria’s financial crisis from the public.
In conclusion, Okupe stressed that President Tinubu’s reforms are essential for lifting the country out of the economic malaise that has plagued it for the past decade. He expressed confidence that, through these reforms, Nigeria can recover and stabilize, ultimately leading to long-term prosperity for its citizens. “Bola Tinubu has introduced very necessary reforms that will help the country move beyond the challenges that have defined the past eight to ten years,” Okupe concluded.
