In a recent exchange of views, the Presidency and former Vice President Atiku Abubakar have engaged in a heated debate regarding the optimal strategy for managing Nigeria’s economic challenges, specifically focusing on the fluctuating value of the naira. The crux of the disagreement lies in the proposed approach to address the devaluation concerns, with both parties presenting divergent viewpoints.<\/p>\n
The Presidency, represented by the Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, staunchly opposes the idea of a controlled floatation of the naira, as suggested by Atiku Abubakar. Onanuga argues that such a policy would harken back to the economic regime of the former Governor of the Central Bank of Nigeria, Godwin Emefiele. During that period, approximately $1.5 billion was reportedly spent monthly to bolster the naira, resulting in what the Presidency describes as financial malpractices, including arbitrage.<\/p>\n
Atiku Abubakar, the former Vice President and presidential candidate of the Peoples Democratic Party in the 2023 polls, criticizes the economic policies of President Tinubu’s administration, particularly the rapid implementation of measures such as the unification of the exchange rate. According to Atiku, these policies have led to collateral instability in the value of the naira, causing hardships for Nigerians as food prices soar. He advocates for a managed-floating system, asserting that it would be a more prudent and gradual approach to foreign exchange (FX) management.<\/p>\n
In Atiku’s proposed system, the naira would experience daily fluctuations, but the Central Bank of Nigeria (CBN) would step in judiciously to control and stabilize its value. He contends that this approach would curb speculative activities and provide a more responsible way to navigate the economic challenges faced by the country.<\/p>\n
The clash between the Presidency and Atiku Abubakar underscores the complexity of addressing Nigeria’s economic issues. As the nation grapples with the impact of fluctuating currency values, food price hikes, and broader economic instability, the debate surrounding the best policy approach continues to be a focal point of discussion among policymakers, economists, and the public alike. Ultimately, the differing perspectives on how to manage the naira’s value highlight the ongoing struggle to find a balanced and effective solution to Nigeria’s economic woes.<\/p>\n","protected":false},"excerpt":{"rendered":"
In a recent exchange of views, the Presidency and former Vice President Atiku Abubakar have engaged in a heated debate regarding the optimal strategy for managing Nigeria’s economic challenges, specifically focusing on the fluctuating value of the naira. The crux of the disagreement lies in the proposed approach to address the devaluation concerns, with both […]<\/p>\n","protected":false},"author":19,"featured_media":20074,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172],"tags":[59],"class_list":["post-20073","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-featured"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/20073","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=20073"}],"version-history":[{"count":3,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/20073\/revisions"}],"predecessor-version":[{"id":20090,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/20073\/revisions\/20090"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/20074"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=20073"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=20073"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=20073"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}