Atiku’s proposal is poised to bring Nigeria back to the era of Emefiele, according to the Presidency

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The Presidency contends that adopting a controlled floatation of the naira, as suggested by Atiku Abubakar, would mirror the economic approach of the former Central Bank of Nigeria Governor, Godwin Emefiele.

They argue that Emefiele’s policy, involving a monthly expenditure of about $1.5bn to support the naira, led to financial malpractices and adversely affected the economy.

The Special Adviser to the President, Bayo Onanuga, rebuts Atiku’s criticism of President Tinubu’s economic policies, emphasizing that the recent fluctuations in the naira’s value were discussed in the context of food supply during a meeting last Thursday, not as Atiku claimed.

Onanuga asserts that the government’s approach, avoiding interference with the Central Bank and promoting a managed-floating system, contrasts with Atiku’s proposal.

Additionally, Onanuga cites positive results, such as a 66.27% increase in capital inflow recorded in Q4 2023, as evidence of investor confidence in Nigeria under President Tinubu’s administration.

He concludes by asserting that Atiku’s suggested controlled floatation of the naira resembles the policy of Godwin Emefiele and implies that the PDP, which produced Emefiele, bears responsibility for the current financial challenges in Nigeria.

 

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