Former Vice President and 2023 presidential candidate of the Peoples Democratic Party, Atiku Abubakar, has criticized President Bola Tinubu’s economic policies, particularly the unification of the exchange rate, stating they were hastily implemented without adequate planning and stakeholder consultations.
In a statement released on Sunday, Atiku lamented the lack of effective presentation of measures by Tinubu’s administration to address the ongoing economic crisis. He accused the government of causing untold pain and distress to the economy through misguided policies.
Atiku highlighted his own policy prescriptions, emphasizing the need for reform in the foreign exchange market to eliminate multiple exchange rate windows that benefit only opportunists and fraudsters. He advocated for a managed-floating exchange rate system as a preferred option, criticizing Tinubu’s fixed exchange rate system as unsustainable given Nigeria’s economic conditions.
He said, “At a meeting called at his instance on Thursday to address the foreign exchange crisis and the problem of economic downturn, among others, Bola Tinubu failed, yet again, to showcase any concrete policy steps that his administration is taking to contain the crises of currency fluctuation and poverty that face the country.
“Rather, he told the country and experts who have been offering ideas on how to resolve the crisis that he and his team should not be distracted and allowed time to continue cooking their cocktail that has brought untold hardship to the people of Nigeria.”
Furthermore, Atiku criticized the hurried implementation of Tinubu’s forex policy without proper planning and stakeholder consultations. He asserted that the government failed to anticipate the negative consequences of its actions and neglected to allow the Central Bank of Nigeria the independence to design and implement a sound FX Management Policy.
In conclusion, Atiku called for a more consultative and planned approach to economic policymaking, emphasizing the importance of addressing liquidity issues, regulating demand, and achieving exchange rate convergence through coordinated efforts and expert input.
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