According to The Sun, In a recent interview, a prominent chieftain of the All Progressives Congress (APC) in Ekiti State shared his views on Nigeria’s 25 years of democratic practice and the economic policies under President Bola Tinubu’s administration.
The discussion focused on the significant economic challenges and the impact of the government’s policies on the Nigerian populace. The APC leader, who is also a medical doctor, provided a critical analysis of the administration’s approach to economic management, particularly the control of the naira’s value.
Since President Tinubu assumed office, his administration has implemented several tough economic policies. The APC chieftain acknowledged that President Tinubu approached the control of the naira with a pragmatic and dramatic strategy. However, he pointed out that the administration lacked certain critical elements necessary for stabilizing the currency.
He emphasized that in countries like Britain and the United States, significant measures are taken to maintain the value of their currencies, including the resignation of officials and even preparations for war to protect the dollar’s value.
The chieftain argued that floating the naira, as seen in Nigeria, effectively undermines the stability of the country’s economy and the lives of its people. He highlighted that other countries set a firm value for their currencies and protect it vigorously.
He suggested that the Nigerian government’s approach to allowing market forces to dictate the naira’s value is flawed. According to him, this policy results in continuous instability and makes it challenging to achieve a stable economic environment.
He further explained that the current system benefits certain groups, such as traders and bureau de change operators, who profit from the fluctuating value of the naira. By buying low and selling high, these groups can exploit the volatility for financial gain. The APC leader stressed that until the government takes a more active role in stabilizing the currency, the naira will remain unstable, and the broader economy will continue to suffer.
He said: You see, he came with the idea of having a very pragmatic and dramatic approach to the control of naira value. But he is short of few things.
You put down your foot on the value you want to put on your money in any country all over the world. In Britain, if the value of the pound sterling goes below 2.5 percent, the minister must resign. In the U.S, anything that is going to make the value of dollar go down, they will actually prepare for war, to fight a physical war.
So if you are in Nigeria and you are floating your money, you are floating the lives of the people in Nigeria. Everybody has put a value on what he has and nobody can value what you have more than you.
And that’s why our naira will never stabilise until the government pulls out. Everybody is making money. If I were to be an Igbo boy selling market, I will want the value of the naira to be bad because I will buy low and sell high. If I were a boy in bureau de change, I will buy low and sell high……Discover MoreÂ
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