Nigeria on brink of collapse before Tinubu took over in 2023 — APC

By Omeiza Ajayi, ABUJA

The ruling All Progressives Congress APC on Wednesday night disclosed that Nigeria was on the verge of economic collapse when President Bola Tinubu assumed office in 2023, warning that the country could have gone under had the administration not taken drastic actions.

National Chairman of the party, Prof. Nentawe Yilwatda, stated this during a media chat monitored in Abuja.

“We had an option of allowing the country to collapse. We were in debt; we printed by means of ways and means into trillions of naira, and we had exhausted our borrowing capacity overseas. We had to lease our oil in advance so we could borrow to spend for the budget. The country was nearly grinding to a halt,” he said.

He defended the administration’s removal of the fuel subsidy as a bold and long-overdue decision, drawing on history to make his case.

“Even late President Buhari admitted in 1984, after taking over, when journalists asked him when he would remove the subsidy, he said the removal of the subsidy was the only solution and pathway for Nigeria to have economic development — that was 1984.

“Over 40 years later, Mr President took that bold step to make that change that was needed for us to have development in this country,” he said.

Prof. Yilwatda pointed to several macroeconomic indicators as evidence that the policy shift is bearing fruits, noting increased revenue flows to all tiers of government.

“If you see the infrastructure going on at the state level, it is massive in most of the states that I have been to, and they are not borrowing again. It is because the increase in revenue through that change in policy has led to all those changes that we’re seeing,” said Yilwatda.

He said Nigeria recorded a trade surplus of nearly N7 trillion last year, describing it as a rare milestone. “These are trade surpluses that we’ve never seen in many years. We saw this kind of trade surplus over 20 years back, and we’re seeing it today,” he said.

On GDP and foreign reserves, he added: “Last year, we grew almost about 4% GDP growth over the year. Our foreign reserve has hit almost 50 billion. We are seeing a lot of improvement in the macroeconomy of the country.”

However, the chairman acknowledged that the improvements have yet to filter down to ordinary Nigerians, framing it as the administration’s next major challenge.

What is left now is to work on the micro so the impact can be felt by the generality of Nigerians. But you cannot improve the micro without working on the macro,” he said. “Nigeria is cruising well in terms of macro. The numbers are good.”

On human capital development, Prof. Yilwatda highlighted the government’s student loan scheme, saying over one million students have benefited from the programme. “Every month, they are given N20,000 as upkeep in school. Their school fees are paid for them,” he said.

The APC chairman also spoke about his hands-on approach to political engagement, saying he regularly steps off the beaten path to connect with young Nigerians directly. “When I visit states, I don’t just visit and sit in the government house. I go to the streets,” he said, citing recent visits to Cross River and Delta State.

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