Former Vice President, Atiku Abubakar, found himself in the crosshairs of criticism after attempting to undermine the foreign exchange policy of the Tinubu administration, only to have his arguments debunked by the government’s spokesperson, Bayo Onanuga.
In a statement released on X handle by Bayo Onnuga, the Special Adviser to the President on Information and Strategy, Atiku’s critique was dismissed as misinformed and lacking in substance.
Atiku had purportedly misrepresented the focus of President Tinubu’s recent meeting with state governors last week Thursday, falsely claiming it centered around the foreign exchange crisis and currency fluctuation.
However, the meeting primarily addressed pressing concerns related to food supply and soaring prices.
“First of all, it was not true that President Tinubu’s meeting last Thursday with the 36 State Governors was centered on discussing foreign exchange crisis and currency fluctuation.
“What was discussed in the main was food supply and how to drastically reduce the food prices.
“One was that the meeting established a nexus between the state of security and the rising cost of food. Another was that hoarders are warehousing food, creating artificial scarcity and thus enabling the high cost of food items,” stated Onnuga.
President Bola Ahmed TInubu
President Tinubu’s administration emphasized the critical link between security and rising food costs, attributing the latter to hoarding practices which contributed to artificial scarcity.
Adding to that, concrete measures were outlined, including the strengthening of forest rangers and police recruitment, aimed at addressing these challenges.
Tinubu affirmed support for releasing grains from national reserves and promoting agricultural self-sufficiency to combat food insecurity.
Onanuga further rebuked Atiku’s assertions regarding the Central Bank’s foreign exchange management policy, asserting that the CBN’s autonomy was respected by the administration.
Contrary to Atiku’s claims of a hastily crafted foreign exchange policy, Cardoso’s CBN was credited with implementing effective measures to stabilize the Naira, resulting in increased capital inflows and bolstering investor confidence.
The spokesperson highlighted the divergence between Atiku’s proposed policy of controlled floatation and the administration’s efforts, likening the former to past failed strategies under Godwin Emefiele’s tenure.
His critique was deemed unfounded and out of touch with the realities of the administration’s successful economic policies.
“Alhaji Atiku will agree that the rise in capital inflow suggests massive investors’ confidence in Nigeria and the policy direction of the Tinubu administration.
“Juxtaposed with the policy options being implemented by the CBN, Atiku’s alternative of a controlled floatation of the Naira is similar to the policy of Godwin Emefiele when an estimated $1.5 billion was spent monthly to shore up the Naira, while arbitrage orround-trippingg went on unhindered. Sadly, it was perpetrated by people close to the corridors of power,” Spokesperson said.
However, Atiku’s attempt to undermine the Tinubu administration’s foreign exchange policy was met with a swift rebuttal from the government, which stood firm in its commitment to effective governance and economic stability.
