Buhari’s Government Borrowed Just $400bn to Stabilise Naira – Senator Adeola

The Chairman of the Senate Committee on Appropriation, Senator Solomon Adeola (Yayi), has claimed that the administration of former President Muhammadu Buhari borrowed over $400 billion to stabilise the naira against the US dollar.

Adeola, representing Ogun West, also alleged that trillions of naira were spent on fuel subsidies, which he said mainly benefited less than one percent of Nigerians.

He praised President Bola Tinubu for ending fuel subsidy payments and floating the naira, describing these moves as the critical steps that saved Nigeria’s economy from collapse.

According to him, the Buhari administration resorted to heavy borrowing to maintain fuel subsidies and artificially stabilise the naira. However, he said Tinubu’s administration halted these practices immediately after assuming office, avoiding further borrowing for subsidies.

Adeola emphasised that the removal of the fuel subsidy ended a system where the government funded luxury consumption for a small elite, while the floating of the naira stopped the need for continuous foreign borrowing.

He urged Nigerians to remain patient, saying Tinubu’s policies are already steering the economy in a better direction.