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The Presidency has rebuffed former Vice President Atiku Abubakar’s call for a controlled floatation of the naira, asserting that such a move would echo past failed policies and undermine current economic reforms. In response to Atiku’s critique of the administration’s economic policies, the Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, emphasized the flaws in Atiku’s proposed approach and defended President Tinubu’s administration’s initiatives.
Atiku had criticized the government’s handling of economic reforms, particularly the unification of the exchange rate, arguing that hasty implementation without proper planning and consultation has led to instability in the value of the naira, exacerbating hardships for Nigerians.
However, the Presidency countered Atiku’s claims, asserting that a controlled floatation of the naira, akin to past policies overseen by former Central Bank Governor Godwin Emefiele, would only perpetuate financial malpractices and fail to address underlying economic challenges. The statement highlighted the flaws of such an approach, including significant expenditure to prop up the naira and rampant arbitrage, which ultimately harmed the economy.
Onanuga underscored the need for stability and continuity in economic policies, noting that President Tinubu’s administration is implementing measures to stabilize the naira and boost investor confidence. He cited recent statistics showing a significant increase in capital inflow, indicative of growing investor trust in Nigeria’s economic direction under Tinubu’s leadership.
Moreover, the Presidency refuted Atiku’s assertions regarding the hurried implementation of currency management policies, emphasizing ongoing efforts by the Central Bank to address liquidity issues and stabilize exchange rates. It lauded Tinubu’s commitment to allowing the CBN autonomy in managing monetary policies, rejecting claims of undue interference.
Additionally, the APC’s National Publicity Director, Ibrahim, attributed forex challenges to the legacy of the PDP, highlighting Emefiele’s tenure as a product of the PDP government. He argued that the PDP bears significant responsibility for the current financial landscape in Nigeria, including forex difficulties.
