Amidst growing economic concerns, the Presidency rebuffs Atiku’s proposal for a controlled floatation of the naira, likening it to failed policies of the past.
In a statement titled, ‘Once again, former Vice President Atiku Abubakar got it wrong’ that was released on Sunday, the Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, refuted Atiku’s assertions, noting that President Tinubu’s reforms are pivotal for economic stability.
Atiku’s call for a managed-floating system, according to the Presidency, echoes the flawed strategies of former CBN Governor, Godwin Emefiele, which led to financial malpractices and currency depreciation.
Onanuga highlighted Tinubu’s commitment to addressing food supply issues and reducing price fluctuations, contrasting Atiku’s stance with the administration’s efforts to boost investor confidence.
The Punch recalls that Atiku criticized the economic policies of the Tinubu-led administratio, saying, “The wrong policies of the Tinubu administration continue to cause untold pain and distress on the economy and the rest of us cannot keep quiet when the government has demonstrated sufficient poverty of ideas to redeem the situation.”
“Given Nigeria’s underlying economic conditions, adopting a floating exchange rate system would be an overkill. We would have encouraged the Central Bank of Nigeria to adopt a gradualist approach to FX management. A managed-floating system would have been a preferred option,” he argued.
However,the Presidency through Onanuga’s statement underscored the rise in capital inflow as evidence of Nigeria’s economic resilience under Tinubu’s leadership, dismissing Atiku’s critique as misguided and politically motivated.
“Atiku’s alternative of a controlled floatation of the naira is similar to the policy of Godwin Emefiele when an estimated $1.5bn was spent monthly to shore up the naira, while arbitrage or round-tripping went on unhindered. Sadly, it was perpetrated by people close to the corridors of power.
“It is false and preposterous for Atiku to claim that CBN’s FX management policy was hurriedly put together without proper plans and consultations with stakeholders and that the apex bank is hamstrung by Tinubu’s government in implementing a sound FX Management Policy’ that would have dealt with such issues as increasing liquidity, curtailing/regulating demand, dealing with FX backlogs and rate convergence.’
“Contrary to former VP Atiku’s claim, Cardoso’s CBN is implementing a raft of policies to stabilise the naira and end volatility in the market and this is already yielding some positive results.”
In a similar vein, the APC’s National Publicity Director, Ibrahim, attributed the current forex challenges to the PDP’s legacy, emphasizing Emefiele’s tenure as a product of the opposition party’s governance.
He said, “Whatever crisis the financial institutions in Nigeria are facing or whatever the country is facing with regards to forex, it is the offshoot of the PDP policy that is manifesting in Nigeria today. Whatever blame apportioned for the forex challenges we are having, the larger part of it should go to the PDP for producing Godwin Emefiele as governor of the Central Bank of Nigeria.”
