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Tinubu’s FX Policy Hurriedly Put Together Without Consultations — Atiku

Latest Politics updatein nigeria

Former vice-president, Atiku Abubakar says the “wrong policies” of the President Bola Tinubu administration have inflicted “untold pain and distress” on the populace.

Lifestyle Nigeria reports that Atiku In a statement issued said Tinubu failed to show the “concrete policies” his administration is taking to address the prevailing economic hardship.

Since May 2023, Tinubu’s government has implemented a slew of economic policies, including the unification of the foreign exchange (FX) windows and the floating of the naira.

“At a meeting called at his instance on Thursday to address the Foreign Exchange crisis and the problem of economic downturn, among others, Bola Tinubu failed, yet again, to showcase any concrete policy steps that his administration is taking to contain the crises of currency fluctuation and poverty that face the country,” the statement reads.

“Rather, he told the country and experts who have been offering ideas on how to resolve the crisis that he and his team should not be distracted and allowed time to continue cooking their cocktail that has brought untold hardship to the people of nigeria.

“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, clearly, the government has demonstrated sufficient poverty of ideas to redeem the situation.

“If the government will not hold on to their usual hubris, there are ways that the country can walk out of the current crisis.

“After a careful assessment of the state of our economy at the twilights of the last administration, I knew full well that the economy of the country was heading for the ditch and came up with a number of policy prescriptions that would rescue the country from getting into the mess that we are currently in.”

Abubakar said he proffered solutions to the nation’s economic crisis in his policy document titled, ‘My Covenant With Nigerians’.

The former vice-president said in the document, he suggested, among other things, that multiple exchange rate windows should be eliminated because they only enrich “opportunists, rent-seekers, middlemen, arbitrageurs, and fraudsters”.

Abubakar said Tinubu’s policy on FX management was “hurriedly put together without proper plans and consultations with stakeholders”.

“The government failed to anticipate or downplayed the potential and real negative consequences of its actions,” he added.

“The Government did not allow the CBN the independence to design and implement 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.”

He also said the Tinubu administration’s decision to immediately float the naira was a wrong one.

“On the other hand, 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,” he added.

“A managed-floating system would have been a preferred option. In simple terms, in such a system, the Naira may fluctuate daily, but the CBN will step in to control and stabilize its value.

“Such control will be exercised judiciously and responsibly, especially to curve speculative activities.

“Why control, you may ask. (i). nigeria has insufficient, unstable, and precarious foreign reserves to support a free-floating rate regime. nigeria’s reserves did not have enough foreign exchange that can be sold freely at fair market prices during crises.

“(ii). nigeria is not earning enough US$ from its sales of crude oil because its production of oil has been declining.

“And, (iii). nigeria is not attracting foreign investment in appreciable quantities. These are enough reasons for nigeria to seek to have a greater control of the market, at least in the short to medium term when convergence is expected to be achieved.”

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BREAKING: APC Suspends Ganduje – 365 News

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Lifestyle Nigeria gathered that the All Progressives Congress (APC) in Ganduje Ward of Dawakin Tofa local government area of Kano State has suspended the party’s National Chairman, Dr. Abdullahi Umar Ganduje, from the party.

The announcement was made by the ward’s legal adviser, Halliru Gwanzo, who addressed journalists in Kano on Monday.

Gwanzo cited allegations of bribery against Ganduje by the Kano State Government as the reason for the suspension.

“We decided to suspend Dr. Ganduje from the party due to the seriousness of the allegations against him,” Gwanzo stated.

He said the suspension subsists until he clears himself from the allegations.

Details Later…

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Coastal Highway Dispute: Obi Calls Out Umahi to Substantiate Allegations

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Peter-Obi-and-Dave-Umahi

The 2023 presidential candidate of the Labour Party, Peter Obi, has addressed what he calls the “distortion of facts” surrounding his actions and statements during his tenure as governor of Anambra State, particularly concerning the ongoing demolitions for the construction of the Lagos-Calabar coastal super highway.

In a statement on Thursday via his X account, Obi stated, “I aim to address these issues directly, devoid of political rhetoric, to ensure clarity for all. Let me be unequivocal: during my governorship, I made it abundantly clear that all structures obstructing existing roads and lacking approval would be removed.”

Referring to a circulated Update, Obi clarified, “The circulated Update clearly stated this, and I only initiated removal when construction had already commenced. Any insinuation otherwise is a blatant misrepresentation of the truth.”

He challenged critics, saying, “I challenge anyone to verify and show me where the demolished structures on existing roads or ongoing businesses were not encroaching on the road and built without government approval while I served as governor.”

Obi cited the demolition of the Onitsha North local government headquarters situated on the only existing stadium.

“I decisively demolished the Onitsha North local government headquarters situated on the only existing stadium, relocated, and built a brand new structure for the local government office away from the stadium,” he explained.

He further detailed his actions as aimed at restoring the stadium to its original purpose and honouring Nigerian sports heroes.

“This action was necessary to restore the stadium to its original purpose as a sporting facility for the people. Subsequently, the stadium was rightfully named after the first owner of the first football club figure in Nigerian sports, Chuba Ikpeazu, as a tribute to our commitment to honouring our heroes,” Obi stated.

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Akpabio: No Nigerian Will Work Under Inhuman Conditions Again

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Akpabio

The Senate President, Godswill Akpabio, has assured Nigerian workers that the National Assembly and the executive arm of government would work collaboratively to give them a living wage and better working conditions.

The Senate President declared that “No Nigerian worker will again be allowed to work under inhuman conditions. We will do everything to give you the best because you deserve the best.”

He made the declaration in a statement on Wednesday by his Special Adviser on Media and Publicity, Eseme Eyiboh, to congratulate the workers as they commemorate the 2024 May Day.

Akpabio, in the message, extolled the sterling qualities that stood out to the Nigerian workers, saying, “A Nigerian worker is noted for his patriotism, hard work, resilience, and dedication to duty.

“I am happy to be associated with the Nigerian workers in the last more than 25 years and I can attest to the fact that everywhere you go, the Nigerian worker’s spirit resonates profoundly.”

Speaking on this year’s theme for Workers’ Day, “Ensuring safety and health at work in a changing climate,” Akpabio promised that the National Assembly under his leadership was more than committed to ensuring the best working conditions for the Nigerian workers.

The Senate President reiterated that the theme for this year’s celebration was apt and in tune with the international best practices, assuring that nigeria would not be left behind.

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