Senator Solomon Adeola, Chairman of the Senate Committee on Appropriations, has debunked reports claiming that former President Muhammadu Buhari borrowed $400 billion to stabilize the naira against the dollar during his administration.
The senator, representing Ogun West under the platform of the All Progressives Congress (APC), dismissed the reports as false, noting that he was misquoted during his speech at a Town Hall Meeting and Mega Empowerment Programme held in Ayetoro, Ogun State, on Saturday, April 26, 2025.
Speaking mostly in the Yoruba language, Adeola had expressed support for the removal of fuel subsidy and the floating of the exchange rate by President Bola Ahmed Tinubu’s administration, warning that without these bold reforms, the Nigerian economy was heading toward collapse.
While addressing the gathering, Senator Adeola explained that, “Previous administrations had spent trillions of naira subsidizing fuel and defending the naira, often to the benefit of a very small percentage of Nigerians, while the nation piled up unsustainable debts.”
The statement issued by Chief Kayode Odunaro, Media Adviser to Senator Adeola, clarified that at no point did the senator specifically name former President Buhari or accuse his administration of incurring a $400 billion debt.
According to the clarification, the error appeared to have arisen from a mistranslation of the senator’s speech from Yoruba to English, particularly confusing the figure “40” for “400.”
“It is important to state that the figure attributed to former President Buhari is a misquotation resulting from inaccurate translation,” the statement noted. It further explained that many of the major newspapers that reported the alleged claim did not have their reporters present at the event and instead relied on information from online blogs.
Senator Adeola reaffirmed his respect for former President Buhari, emphasizing, “I hold former President Buhari in high esteem and recognize his valiant efforts in steering the economy given the circumstances during his tenure.”
The senator stressed the need for accurate reporting and careful translation, especially when public figures communicate in local languages to their constituents.
