CURRENT REPORT BLOG In a scathing critique of President Bola Tinubu’s administration, Atiku Abubakar, the presidential candidate of the Peoples Democratic Party (PDP) in the last general election, lambasted the lack of concrete policy measures to tackle the crises of currency fluctuation and poverty plaguing Nigeria.
Atiku, in a statement posted on his X handle on Sunday, accused the Tinubu administration of failing to address the economic distress facing the nation. He highlighted the absence of effective policies and attributed the worsening situation to misguided decisions.
The former Vice President asserted that the government’s approach, including its new foreign exchange (FX) management policy, lacked proper planning and consultation with stakeholders. Atiku criticized the rushed implementation of policies, emphasizing the detrimental impact on the economy.
Moreover, Atiku lamented the alleged interference with the Central Bank of Nigeria (CBN), stating that President Tinubu hindered the institution’s independence in designing and executing a robust FX management policy. He argued that granting autonomy to the CBN would enable effective liquidity management, demand regulation, and resolution of FX-related issues.
Expressing dissatisfaction with the current state of affairs, Atiku stressed the imperative of speaking out against the government’s perceived incompetence. He contended that silence in the face of such challenges would only exacerbate the situation, calling for a departure from ineffective strategies.
Speaking on how the current economic crisis could be tackled, Atiku said: “If the government will not hold on to their usual hubris, there are ways that the country can walk out of the current crisis.”
He continued, “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. 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.”
