Some days ago, PDP governors gathered to criticize the Tinubu government and alluded that if care is not taken, Nigeria's situation will be similar to that of Venezuela or even worse.

However, they neglected to inform Nigerians about how Venezuela reached that point of economic crisis.

Venezuela, being an oil-rich country, benefited significantly from high oil prices in the early 2000s, much like Nigeria. In fact, at one point, Venezuela was the richest country in South America.

The billions of dollars in revenue were used to finance social programs and food subsidies, similar to how Nigeria subsidized fuel, electricity, and forex.

However, when oil prices declined, these programs and subsidies became unsustainable, yet both countries continued to borrow to sustain the programs hoping one day the oil price would rise again.

In November 2017, The Economist estimated Venezuela's debt at US$105 billion and reserve at US$10 billion. By 2018, Venezuela's debt had grown to US$156 billion, and as of March 2019, its reserve had dropped to US$8 billion.

Currently, Nigeria's debt exceeds US$113 billion, and our net foreign reserve is below US$3 billion.

In February 2019, Venezuela's inflation rate reached an all-time high of 344,509.50 percent.

What we are currently experiencing in Nigeria is child's play compared to what could happen if we proceed for more than six months without removing fuel and forex subsidies.

Before the subsidy removal, our debt service to revenue ratio was already above 100 percent, and our reserve of 33 billion dollars could only sustain us for 6 months. Our credit rating was also negative.

However, just four months after the subsidy removal, our credit rating had changed from negative to positive, and our debt service to revenue ratio has improved from over 100 percent to 70 percent.

Let's support President Tinubu's reforms by educating people on what could have happened to Nigeria if these policies were not implemented.🇳🇬

Lol

I pray we don't end up like them, for it will be nothing but a disaster.

Also,Venezuela became import dependent and all sectors of the economy was neglected apart from oil .