Senator Solomon Adeola (APC, Ogun West), Chairman of the Senate Committee on Appropriations, has refuted reports that former President Muhammadu Buhari borrowed $400 billion to stabilize the naira during his administration.
In a press statement issued by his media adviser, Chief Kayode Odunaro, Senator Adeola clarified that at no time during his recent Town Hall Meeting and Mega Empowerment Programme in Ayetoro, Ogun State, did he attribute such a borrowing figure to the Buhari administration.
Speaking mostly in Yoruba during the event, Senator Adeola had defended President Bola Ahmed Tinubu’s economic policies, particularly the removal of fuel subsidy and the floating of the naira, describing them as necessary measures to prevent economic collapse. He remarked that past administrations had expended trillions of naira on subsidizing fuel and defending the naira — efforts that benefited only a small segment of Nigerians while leading to the accumulation of a significant national debt.
However, the senator stressed that he made no specific reference to President Buhari or cited a figure of $400 billion. According to the statement, the reported figure appears to be a misquotation, likely stemming from translation errors, where “40” was mistaken for “400” during interpretation from Yoruba to English.
“It is also noted that most of the reporters of the major newspapers that reported the misquotation did not personally attend the event and relied on some online blogs for their story,” the statement read.
Senator Adeola further emphasized his respect for former President Buhari, commending his efforts in steering the economy during challenging times.
The press statement urged media organizations to exercise greater diligence in reporting, particularly when translating statements made in local languages.
