Senator Adeola denies claim on Buhari’s alleged $400bn borrowing
By Kunle Sanni
Senator Solomon Adeola (APC, Ogun West), Chairman of the Senate Committee on Appropriations, has refuted reports suggesting he accused the administration of former President Muhammadu Buhari of borrowing $400 billion to stabilize the naira.
Addressing the issue in a statement released on Monday, Senator Adeola clarified that during his recent Town Hall Meeting and Mega Empowerment Programme held in Ayetoro, Ogun State, he spoke primarily in Yoruba and at no point mentioned Buhari or claimed that his administration incurred a $400 billion debt.
According to the senator, his speech centered on justifying the removal of fuel subsidies and the floating of the naira exchange rate under the current administration of President Bola Ahmed Tinubu.
He argued that these bold fiscal policies were necessary to prevent the Nigerian economy from collapsing, citing that previous administrations had spent trillions of naira on subsidies and defending the naira — moves that largely benefited only a few citizens while adding significantly to the national debt.
“The misquotation likely arose from a translation error, confusing ‘40’ with ‘400’ during the interpretation of my remarks from Yoruba to English,” Senator Adeola explained.
The senator’s media adviser, Chief Kayode Odunaro, further stated that many major newspapers which reported the alleged statement did not have correspondents at the event and relied on secondary sources from online blogs.
Senator Adeola reaffirmed his respect for former President Buhari, praising his efforts in managing Nigeria’s economy during his tenure under difficult circumstances.
