President Tinubu Saved Nigeria’s Economy From Collapse – Ohakim

Former Governor of Imo State, Ikedi Ohakim, has commended President Bola Ahmed Tinubu for implementing critical economic reforms that he said have averted the total collapse of Nigeria’s economy.

Speaking on Saturday at the Synod of the Diocese of Orlu (Anglican Communion), where he delivered a paper titled “Building Nigeria’s Troubled Economy: Practical Insights into the Challenges and Solutions”, Ohakim said that although the reforms have brought hardship, they were necessary steps to stabilize the economy.

“The Tinubu administration has taken measures that, though painful, clearly prevented the complete deterioration of the national economy to an irretrievable point,” he said.

“Agreed, Nigerians are reeling under excruciating pains as a result of some of the measures, but even though it is hard to sell, there can be no doubt that there is a brighter future ahead,” Ohakim added.

He cited the removal of fuel subsidies as a major turning point, noting that despite an initial hike in petrol prices, there has been a significant drop.

“At the initial stage of the removal of the subsidy on petroleum products, Premium Motor Spirit (PMS) was sold at over ₦1,500 per litre. Today, it sells at about ₦900 per litre all over the country,” he said.

Ohakim also acknowledged that the reforms have led to an increase in revenue available to state governments, allowing them to implement projects and meet obligations.

“Today, the subnational governments, that is, the state governments, receive more money from the Federation Account. Many of the governors are putting it to good use,” he said.

Using Imo State as an example, he pointed to the state’s road development initiatives and an ambitious electricity project under the administration of Governor Hope Uzodimma.

“The road revolution going on needs not be overemphasized because it is there for all to see. The Uzodimma administration is undertaking an electricity project that is expected to guarantee a 24-hour electricity supply in all 27 local government areas of the state before August 2027,” he stated.

However, Ohakim stressed the need for restructuring Nigeria’s political structure to better adapt to contemporary challenges.

“The urgency of our situation demands a new normal, a clear and different structure through which our people will be organized to face the changing world,” he said.

He expressed confidence that President Tinubu possesses the political will and courage required to carry out the needed restructuring.