President Bola Ahmed Tinubu has claimed that the Nigerian naira would have become virtually worthless, to the extent that Nigerians might have needed wheelbarrows to move money, if his administration had failed to take certain economic decisions when he assumed office in May 2023.
Tinubu made the remarks on Friday during the All Progressives Congress, APC, rally in Uyo, Akwa Ibom State, while addressing supporters ahead of the January 16, 2027, presidential election.
The President described the forthcoming election as consequential, saying its outcome would determine the future direction of Nigeria.
According to him, his administration inherited a difficult economic situation in which 27 of the country’s 36 state governors were struggling to meet salary obligations, pensions and gratuities when he assumed office.
He argued that the economic decisions taken by his government after assuming power prevented the country from sliding into a deeper financial crisis.
“This coming election, January 16, 2027, is a consequential election. It will define the direction of this country.
“When I took over, 27 governors out of the 36 in this country were unable to meet their salary obligations, not to talk of pensions and gratuities.
“By now, if we hadn’t taken a decision the day I took over, we would be using wheelbarrows to move our naira because it would have become valueless,” Tinubu said.
The President’s remarks come amid continued public debate over the impact of his administration’s economic reforms, particularly the removal of the petrol subsidy and the unification of the foreign exchange market.
The policies have triggered significant adjustments in the country’s economy, with Nigerians continuing to contend with the rising cost of living, exchange rate pressures and increasing prices of goods and services.
Tinubu, however, has repeatedly defended the reforms, arguing that they were necessary to stabilise public finances and reposition the Nigerian economy.
Tinubu has been in Akwa Ibom State for the APC presidential campaign rally ahead of the 2027 general election.
The President is seeking re-election against 17 other presidential candidates who are also expected to contest the January 16, 2027, presidential election.
Naira would’ve become worthless, we would be using wheelbarrows to move money – Tinubu
Naira would’ve become worthless, we would be using wheelbarrows to move money – Tinubu
