President Bola Tinubu says the cash scarcity triggered by the naira redesign policy nearly forced him to quit the 2023 presidential race.

 

The president said he had doubts during the election campaign after an encounter with a close relative.

 

Tinubu spoke on Saturday during a special Iftar at the presidential villa, Abuja.

 

“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,” the president recounted.

 

“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 said his uncle subsequently informed him that he received the cash — but only N10,000.

 

 

“I was amazed. 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.

 

The president said he assumed office at a time of economic uncertainty and had to make tough calls, particularly the fuel subsidy removal.

 

“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 said.

 

“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.”