Senator Jimoh Ibrahim has said that the administration of President Bola Ahmed Tinubu inherited serious economic challenges that cannot be resolved immediately, pointing to policies implemented during the tenure of former President Muhammadu Buhari.
Speaking during an interview on Channels Television on Saturday night, the senator explained that Nigeria’s current economic management is complicated by financial pressures created in previous years.
According to Ibrahim, a large amount of money was injected into the economy during the previous administration, creating structural imbalances that the present government must now address.
“Buhari printed N30 trillion. So you want Tinubu to do magic to replace that N30 trillion? Bola Tinubu met just 0.5% cash-to-GDP,” Ibrahim said during the discussion.
The senator explained that such a significant level of liquidity cannot be corrected overnight, noting that economic adjustments usually require careful planning and gradual implementation to avoid further disruptions.
He added that the Tinubu administration also inherited a very low cash to Gross Domestic Product ratio, which limits the ability of policymakers to implement certain fiscal and monetary policies effectively.
Ibrahim emphasised that the government is operating in a complex economic environment and that stabilising the economy will take time. He urged Nigerians to maintain realistic expectations regarding how quickly reforms can produce results.
According to him, addressing structural economic problems often takes years rather than months, especially when policymakers must balance priorities such as controlling inflation, improving government revenue, stabilising the currency, and supporting economic growth.
The senator noted that the reforms being implemented should be viewed as part of a long-term strategy aimed at correcting underlying weaknesses in Nigeria’s financial system.
His comments come amid ongoing public debate about Nigeria’s economic direction, with rising inflation and pressure on household incomes continuing to dominate national discussions.
While critics have called for faster measures to reduce the cost of living, supporters of the government argue that the current reforms are necessary for long-term financial stability.
Ibrahim acknowledged that many Nigerians are facing economic hardship but maintained that some of the challenges confronting the government stem from decisions made before the current administration took office.
