The former All Progressives Congress Chairman also noted that some of the decisions taken by President Tinubu’s administration were the first steps towards revamping the economy.
Speaking during an interview with journalists shortly after his meeting with the Vice President, Senator Kashim Shettima, behind closed doors at the Presidential Villa, Abuja on Tuesday, Oshiomole said,
“The government inherited a terrible economic situation, everybody knows it. The government inherited an economy in which the total national revenue was barely enough to service our debt burden. Spending 96 per cent; which is to say every one hundred naira Nigeria earns, ninety-six kobo is to pay debt”
Meanwhile, the former Edo governor has expressed confidence that issues arising from the removal of fuel subsidy will be quickly resolved between the Federal Government and organised labour.
According to him, Tinubu recognises the impact the withdrawal of fuel subsidy is having on Nigerians and is determined to take immediate action to cushion it.
He said, “This president recognizes that the effect of the withdrawal is already here, people are already going through some level of discomfort and therefore there has to be an immediate solution to it.
“Now that immediate solution is what we discussed and the fact that we are meeting on Tuesday again shows that clearly, we realize that this is not one of those things you want to buy time because it has a real negative impact, on particularly, the most vulnerable group.
“But we have a solution to it because you are going to make savings, so take from that savings or even if it is borrowing.
“So, whatever it is, you can leverage some revenue and improve wages to cushion the cost of living, I think it is legitimate, I think it is doable, it is not something that you want to spend two to three months negotiating,” he said.
