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Mr Tersoo David Ukechir is an industrialist and convener of Grassroots Support for Tinubu 2027 (the GST 1019 Initiative). In this interview with ISAAC SHOBAYO, Ukechir speaks on the prevailing economic situation in the country under President Bola Tinubu-led administration and other issues. Excerpts:
WHAT is your perception of the current administration of President Bola Tinubu?
Well, that’s a broad question. Anyway, it is a tailor-made intention of handing over a rusty house to someone who they believed could fix it. What do I mean by that? Our country was in a very, very distressing state when President Bola Ahmed Tinubu took over in 2024. There was nothing else that he could do or nothing that any other leader would do than what he is doing. He has paid attention; he has given his attention to the problem. He is not talking. You know, people in the media say the president is not talking; he is not complaining. He went straight to face the problems and challenges of Nigeria. The rust was deep. Let me give you one example: the former administration was borrowing to run the government. What does that mean? It may sound simple when you read it in a newspaper, but it means that even the food in Aso Villa was being paid for with borrowed money. Salaries of civil servants, the workforce, the presidential airplane, and presidential commitments around the world were all funded by borrowed money. President Buhari was doing the impossible, at the detriment of the common people. To support the naira and the dollar, they were trying to sustain an artificial rating at a time when every month, the CBN [Central Bank of Nigeria] was under pressure. This is a fact. At that time, the CBN became the National Bureau of Change.
For example, if I was to bring in chemicals to produce soap, I had to pay a third party in CBN and apply through my bank. The bank was to apply for me for the bid. It is a genuine importation I’m bringing into my country to add value, but I wouldn’t get the money they were making. I’m telling you what you can verify that I know: why the naira was killed, why the economy became terrible. Those who were running companies – I’m a manufacturer – the real people running the naira couldn’t get it. For you to even know the guys running it, you have to go through certain quarters, they will not be made public.
Now that President Tinubu is on the saddle, what do you think can be done to rejuvenate the economy because the general belief is that things are getting worse on a daily basis?
Quite, simply by doing the right thing, which the president is currently doing, for instance, stopping the very things that were killing the economy. The second thing is giving power and resources back to local governments.
I remember I was on NTA a month or two before this, and I talked about this. I said one of the best things our president could do for our country is to grant local government autonomy. Probably you would be one of the people who witnessed the times when local governments had autonomy. When they were independent, you could see what local governments were doing because there was competition. Everywhere was developing. Local governments used to build bridges and give out contracts, and people would go to school and come back to work in their local governments. If there is genuine autonomy, without interference from any quarters, there would be employment and development at the grassroots and money would be in the real sector, where I believe local people can benefit. President Tinubu is not sleeping over the hardships in the country; quite a lot of measures are being put in place to ameliorate the situation, and there are many positive changes happening. But because of the damage done during the eight years of the former administration, things won’t change overnight. You were using your money to support another country’s currency, and someone just came and stopped it. So you understood the reason behind your financial struggles. We are feeling the consequences of the mistakes made in the past. We need to be patient a little bit for things to get better and pray for the success of this administration. Nigeria has broken its knees, Asiwaju is doing the surgical operations, and there is no doubt that the president had all that it takes to fix this country.
What are the things that reinforce your belief that the president indeed has what it takes to fix this country?
First, what else does he want? He doesn’t want money. He is a wealthy man; he is a man of fortune. He knows that his legacy is what matters. This legacy is significant to him. He is a man who believes in transformation. Lagos is a case study. Let me give you an example of the toll gate that became an issue. It was once a single route behind 1004 Flat. When Tinubu became the governor, it was dualised, and in most parts of the world, the private sector built infrastructure. For example, in Hong Kong, every major road was built by individuals who had to recover their investments. What is wrong with that? If that toll gate became a problem, it changed the activities of Lagos—mobility, movement, and ease of transport. It became a driver for the economy. This is the same man who is now the president of Nigeria. People are asking what can a coastal road do for me. The Igbo people may wonder what will he benefit? The biggest beneficiaries of that coastal road will be the Igbos.
When you have a vision, when you see what makes America different or what makes China the largest manufacturer, it is the infrastructure—the roads. When you say infrastructure, it means big English.
We need roads for the quick movement of goods and services. Your economy will grow. He understands that.
Nigerians are in a hurry and want things to turn around quickly. What is your advice for them?
I will not blame Nigerians for wanting things to be done quickly. They have suffered. They have gone through bad times, and painful times. Let’s not forget that. And the President recognises this, which is why he is working day and night to make hard decisions.
You must have a powerful mind to make the decisions Mr. President took on the first day, like removing the subsidy. It is only a few who can take these kinds of actions now. These decisions are meant for our benefit. Let’s support the president; he is aware of the difficulties.
Don’t listen to propaganda about him buying a plane. Every president needs to travel safely. Have Nigerians forgotten that his plane broke down while he was in Europe?
He had to find another plane to get to his next destination, which was Saudi Arabia. He needs to be able to do his job effectively. In this case, how much are we talking about?
One plane could cost between $10 and $15 million. Why don’t we investigate this properly? Was it fully paid for? An individual could buy a plane for Nigeria, so why not? The payment can be structured over 10 to 15 years. These are propaganda campaigns by the same entities that want to destroy Nigeria. They are fighting back because the subsidy has been removed and the challenge of stealing from Nigeria has been addressed. I want to assure Nigerians that Tinubu’s economic reforms will bear fruit.
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