President Bola Tinubu has revealed that the naira redesign policy and the resultant cash scarcity during the 2023 election campaign almost made him abandon his presidential ambition.
Okay.ng reports that the president made the disclosure on Saturday during a special Iftar held at the presidential villa in Abuja.
Recalling a tense moment during the campaign, Tinubu said a close relative visited him in the early hours of the morning, lamenting the harsh impact of the cash crunch on ordinary Nigerians and questioning his motivation for running for president.
“Those close to me know that the odds were against me. During the campaigns, one of them came to my living room around 3:30am and said he needed just N50,000 to buy foodstuff for our uncle,” Tinubu narrated.
“He told me, ‘The currency is gone because of you. People are jumping over bank counters because there is no cash. Our uncle, a wealthy man, doesn’t even have N10,000 in cash. What are you running for?’”
“I told him, ‘I am running for President, not for you and our uncle.’ I gave him the N50,000. As he walked out, he turned to me and said, ‘I don’t think you will make it.’ I replied, ‘I will make it.’”
The president recounted how his uncle later confirmed receiving only N10,000 from the cash, leaving him bewildered.
“At that moment, I almost dropped the idea of running for president. But thanks to Aminu Masari and all of you who encouraged me. When I came to Abuja, Masari told me, ‘I am the chairman of the north-west group; don’t look back,’” he said.
Tinubu also reflected on the critical decision to remove fuel subsidy on his first day in office, saying it was a tough but necessary move.
“On the day of my inauguration, I had to decide on something not originally in my speech, and that was the fuel subsidy removal,” he stated.
“The hallmark of a great leader is the ability to make the right decision at the right time. That was the day I declared that the subsidy was gone.”
“The following day, I was hounded and thoroughly abused in the media. But I stood firm, knowing it was the right thing to do for our nation’s future.”
The naira redesign policy under former President Muhammadu Buhari’s administration, which led to acute cash scarcity, was widely criticized for hurting small businesses and daily economic activities.
Tinubu was among the prominent voices at the time who opposed the timing and implementation of the policy, viewing it as a politically motivated move.
