ATIKU’S SOLUTION WILL RETURN NIGERIA TO BUHARI ERA – PRESIDENCY

 

The Presidency has rebuffed former Vice President Atiku Abubakar's proposal for a controlled floatation of the naira, arguing that such a policy would revert Nigeria to the economic era of former Central Bank Governor, Godwin Emefiele.

In response to Atiku's criticisms of President Tinubu's economic policies, the Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, emphasized the shortcomings of Emefiele's tenure, which saw significant expenditure to stabilize the naira and rampant financial malpractices.

Atiku had advocated for a managed-floating exchange rate system as a more cautious approach to managing Nigeria's currency, asserting that it would provide stability while allowing for gradual adjustments.

However, the Presidency contends that Atiku's proposal mirrors the failed policies of Emefiele's administration, which led to rampant arbitrage and financial instability.

Onanuga highlighted President Tinubu's recent efforts to address food supply challenges and reduce fluctuating food prices, refuting Atiku's claims of a hurriedly implemented FX management policy.

He cited President Tinubu's commitment to allowing the Central Bank to function autonomously and his refusal to establish a commodity board as evidence of a deliberate and consultative approach to economic governance.