Buhari’s Administration Borrowed $400 Billion to Prop Up Naira

Buhari’s Administration Borrowed $400 Billion to Prop Up Naira 

Senator Solomon Adeola, Chairman of the Senate Committee on Appropriation, has revealed that the previous administration under President Muhammadu Buhari borrowed over $400 billion in a bid to stabilise the naira against the U.S. dollar.

Speaking on the state of the economy, Adeola, who represents Ogun West, further claimed that trillions of naira were funneled into fuel subsidies, benefiting less than one percent of Nigerians.

He commended President Bola Tinubu for taking decisive steps to halt fuel subsidy payments and float the naira, describing these actions as necessary measures that prevented Nigeria’s economy from collapse.