Naija News

Atiku’s Dissent from Tinubu’s Views and Proposed Remedies – Economic Hardship

Atiku's Dissent from Tinubu's Views and Proposed Remedies - Economic Hardship

Atiku Abubakar, the presidential candidate of the Peoples Democratic Party (PDP) in the previous general election, expressed his dissatisfaction on Sunday with President Bola Tinubu’s failure to present concrete policy measures to address the currency fluctuation and poverty crises plaguing the country.

Atiku argued that the wrong policies implemented by the Tinubu administration have caused significant pain and distress to the economy. In a statement shared on his official handle, Atiku emphasized that the Nigerian economy could regain stability if the government is willing to listen to sound advice and address internal issues such as corruption and poorly negotiated foreign loans.

Regarding Tinubu’s new foreign exchange (FX) management policy, Atiku criticized its hasty implementation without proper planning and stakeholder consultations. He asserted that the government underestimated the potential negative consequences of its actions.

Furthermore, Atiku accused Tinubu of limiting the independence of the Central Bank of Nigeria (CBN) in designing and implementing a sound FX management policy. According to Atiku, a well-designed policy could have addressed liquidity issues, regulated demand, resolved FX backlogs, and achieved rate convergence.

In light of the current situation, Atiku stated that he and other Nigerians cannot remain silent, as the government has demonstrated a lack of innovative ideas to tackle the crisis. He proposed potential solutions, stating, “If the government is willing to put aside its arrogance, there are ways for the country to overcome the current crisis.”

Atiku suggested that instead of adopting a floating exchange rate system, which he deemed excessive given Nigeria’s underlying economic conditions, the Central Bank of Nigeria should adopt a gradualist approach to FX management. He recommended a managed-floating system, where the Naira would fluctuate daily but the CBN would intervene to control and stabilise its value, curbing speculative activities responsibly.

About the author

Blessing Temi

Blessing Temitope here, bridging the gap between the unfolding world and the power of song lyrics. My pen charts the map of current events while celebrating the artistry behind the music. Join me for a deep dive into the narratives and verses that define our times.

Leave a Comment