He asserted that the nation was already on the brink of collapse before President Bola Tinubu took office.
“With all due respect, what you just said is absolutely false. The country was on the verge of bankruptcy. This president literally saved us from that fate,” Alausa stated in an interview with Channels Television on Tuesday.
He explained that the previous government had been spending beyond its means on subsidies, leading Nigeria into unsustainable debt. “We were expending funds we didn’t have, subsidizing fuel at nearly $1.2 billion a month and foreign exchange at approximately $500 million monthly. We were borrowing this money, and a significant portion of oil revenues was front-loaded.”
To illustrate his point, Alausa used a household analogy: “Imagine using your credit card to pay for electricity, groceries, and rent, while your monthly income fails to even cover the interest on those debts. What happens? You fall deeper into debt month after month.”
He emphasized that President Tinubu made “difficult decisions to achieve short-term pain for long-term gain.” Addressing concerns about investor confidence, he noted, “There was significant capital flight from the country, and investments had stalled. However, that is changing. People are now coming back. As we see the President travel internationally, this reflects a new approach to governance.”
Alausa described the president’s global engagements as strategic efforts to attract investment. “The President ensures clear deliverables, leveraging his political will to bring investors to Nigeria, and we are witnessing that change,” he said.
He insisted that the situation is improving, asserting, “The country is getting better every day. The light at the end of the tunnel is closer. We’ve seen the positive changes, and these are not figures fabricated by the president; they are validated international data.”
The Education Minister, Dr. Tunji Alausa, did not specify particular international data sources in his statements. However, generally, improvements in economic indicators may be supported by data from organizations such as:
1. International Monetary Fund (IMF): Reports on GDP growth, inflation rates, and fiscal policies.
2. World Bank: Data on investment flows, ease of doing business rankings, and economic forecasts.
3. African Development Bank (AfDB): Insights on regional economic trends and Nigeria’s economic performance.
4. Nigerian Bureau of Statistics: Local data validated by international bodies regarding employment rates and sector growth.
In conclusion, Alausa stated that trust in Nigeria’s economic fundamentals is gradually being restored. “For sustainable development month after month and year after year, it is essential that investors have confidence in your economic framework,” he emphasized.
