Former Ekiti South Senator Abiodun Olujimi has urged Nigerians to be patient with the Federal Government’s economic reforms, saying the measures introduced since President Bola Tinubu assumed office are beginning to stabilise the country.
Olujimi, who served in the Senate from 2015 to 2023, made the call on Friday amid continued concerns over rising living costs, particularly the increase in petrol prices following the removal of fuel subsidy.
Speaking on Channels Television’s Sunrise Daily, the former lawmaker said the government’s reforms, including the unification of the foreign exchange market, were necessary to address longstanding economic challenges.
She cited changes in the foreign exchange market as an indication that the reforms were beginning to alter business conditions.
“The other time I wanted to increase my stock. And I was asking someone, I said, ‘Where do we get foreign exchange to do this?’ And he came to me and said, ‘No, ma. You need Naira to do it.’ I said, ‘How?’ He said, ‘People abroad now take Naira.’”
Olujimi said the development represented the direction Nigeria needed to take to reverse some of the economic problems accumulated over time.
“That is the trajectory; that is the only way we can upturn what had been undone in the past. In the past we complained, but we didn’t do anything about it. We would just sit down and pontificate. And we didn’t hold the government to account. We left them to do whatever they pleased,” she said.
President Tinubu introduced several major economic policy changes after assuming office in May 2023, including the removal of petrol subsidy and the floating of the naira.
The removal of the subsidy triggered a sharp increase in petrol prices, which rose from around ₦200 per litre to more than ₦1,300 in some areas, according to the figures cited in the discussion.
The policies have faced criticism from opposition figures and other critics, who argue that they have contributed to higher living costs and have called for their reversal.
The Federal Government, however, has defended the reforms as necessary measures to accelerate Nigeria’s economic development.
Olujimi backed the continuation of the reforms, acknowledging the hardship associated with them while urging Nigerians to allow more time for the policies to take effect.
“Now the thing went bad. There is a government that is trying to see how we can turn it around, and then the struggle begins all over again. But I believe we can bear it. And if we bear it, there’s a light at the end of the tunnel,” she said.
She added that Nigeria could begin to experience greater prosperity if the reforms were given time to work.
“If we allow it for a bit, we’ll just turn around the corner, and then we’ll be able to see prosperity, because prosperity is staring us in the face,” Olujimi said.
She also pointed to changes in the foreign exchange market, questioning the continued role of currency traders involved in buying and selling dollars for profit.
“Where are the people who were doing the round-tripping, who were selling and buying dollars? It’s gone. Business now is strictly naira-based. And that is the only way we can go if we really want to reform the situation,” she said.
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