Senate President Godswill Akpabio has described the economy President Bola Tinubu inherited in 2023 as “foamy,” while defending the administration’s reform agenda. Speaking at the inauguration of an APC convention sub-committee in Abuja, Akpabio stated: “President Tinubu met what can be described as a foamy economy.”
He highlighted key decisions taken to stabilise the economy, including “harmonising the exchange rate and the removal of the fuel subsidy, which was a drainpipe on the economy.” Akpabio also noted that tax reforms have increased national revenue from the non-oil sector and boosted allocations to sub-national governments.
He attributed recent defections of opposition politicians to the APC as “a show of gratitude based on what the administration has achieved since 2023.” Akpabio, who served as a minister under former President Buhari, pledged the National Assembly’s continued support for Tinubu’s reform agenda.
Key Points
Akpabio says Tinubu inherited a “foamy economy” in 2023.
Highlights exchange rate harmonisation, fuel subsidy removal as key reforms.
Tax reforms increased non-oil revenue, allocations to states.
Defections to APC reflect gratitude for administration’s achievements.
National Assembly will continue supporting Tinubu’s agenda.
“Foamy economy”, Akpabio’s new phrase joins the lexicon as he defends Tinubu’s reforms, from subsidy removal to tax hikes, while promising more support from the National Assembly.
Sources: Official Statement
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