Rédaction Africa Links 24 with Don Silas
Published on 2024-02-19 04:55:41
The Presidency has dismissed former Vice-President Atiku Abubakar’s criticisms of the government’s foreign exchange policy, stating that the attempt to discredit the policy has failed. The Central Bank of Nigeria (CBN) is currently implementing policies to stabilize the Naira, according to the Presidency. Atiku recently criticized the foreign exchange policy of the current administration, stating that it failed because it was hastily put together without consulting relevant stakeholders.
In response to Atiku’s claims, Bayo Onanuga, Special Adviser to the President on Information and Strategy, stated that Atiku had his facts muddled up. Onanuga also noted that Atiku failed to provide a better policy option to what Governor Olayemi Cardoso and his team are executing at the apex bank. He clarified that President Bola Tinubu’s meeting with the 36 State Governors was focused on discussing food supply and reducing food prices, not foreign exchange crisis and currency fluctuation as claimed by Atiku.
Onanuga further highlighted that the CBN, under Cardoso’s leadership, is implementing policies to stabilize the Naira and reduce volatility in the market, and that these policies are already yielding positive results. In contrast, he criticized Atiku’s alternative of a controlled floatation of the Naira, comparing it to the policy of Godwin Emefiele, where an estimated $1.5 billion was spent monthly to shore up the Naira, while arbitrage or round tripping went on unhindered, and was perpetrated by people close to the corridors of power.
Overall, the statement from the Presidency aims to rebut Atiku’s criticisms and demonstrate that the government’s foreign exchange policy is being actively managed and is producing favorable outcomes. The response also seeks to discredit Atiku’s proposed alternative policy by drawing comparisons to past policies that were deemed ineffective and allowing for corrupt practices.
The exchange of criticisms between the former Vice-President and the Presidency reflects the ongoing debate and scrutiny surrounding the government’s economic policies, particularly in relation to the stability of the Naira and management of foreign exchange. It underscores the importance of effective communication and transparency in conveying the rationale behind policy decisions and addressing public concerns. This episode also illustrates the role of public figures in providing constructive feedback on government policies, and the need for a robust public discourse on economic issues.
As the government continues to navigate economic challenges and implement policies to address them, the exchange of differing viewpoints and the scrutiny of policy decisions will remain an integral part of democratic governance. It is essential for policymakers to engage with and address criticisms constructively and transparently for the benefit of the public and the overall wellbeing of the economy.
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