Senator Solomon Adeola, Chairman of the Senate Committee on Appropriation, has dismissed reports claiming that former President Muhammadu Buhari’s administration borrowed $400 billion to stabilize the naira during his tenure.
Speaking at his Town Hall Meeting and Mega Empowerment Programme in Ayetoro, Ogun State, on April 26, 2025, Senator Adeola, primarily addressing his constituents in Yoruba, clarified that the reports in major newspapers and online blogs were inaccurate. He also defended the removal of fuel subsidies and the floating of the exchange rate, policies introduced by President Bola Ahmed Tinubu’s administration. According to the senator, without these bold fiscal measures, the Nigerian economy was on the verge of collapse.
Senator Adeola explained that past administrations had spent trillions of naira on fuel subsidies and defending the naira against the dollar, benefiting only a small group of Nigerians while leaving the country with a massive national debt. However, at no point did the senator mention former President Buhari’s name or specify that his administration had incurred a $400 billion debt. The $400 billion figure appears to be a misquotation, likely caused by a mistranslation from Yoruba to English. It is believed that the confusion arose from translating “40” as “400.”
Senator Adeola also pointed out that many of the reporters who covered the story did not attend the event in person and relied on online sources for their information. The senator emphasized his high regard for former President Buhari, acknowledging his efforts in managing the economy during challenging times.
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