Former Vice President, Atiku Abubakar, has once again criticized President Bola Ahmed Tinubu’s economic policies, attributing them to the ongoing hardships faced by Nigerians. Atiku asserted that Tinubu’s administration failed to showcase concrete policy steps to address currency fluctuation and poverty.
In a statement, Atiku claimed that President Tinubu’s new foreign exchange (FX) management policy lacked proper plans and consultations with stakeholders. He expressed concern that the government did not anticipate or downplayed the potential negative consequences of its actions.
“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,” Atiku stated.
He argued that the government’s hasty implementation of the FX management policy without proper planning led to adverse consequences. Atiku emphasized the need for the Central Bank of Nigeria (CBN) to have independence in designing and implementing a sound FX Management Policy to address liquidity, regulate demand, manage FX backlogs, and achieve rate convergence.
While highlighting his policy prescriptions to rescue the country from economic challenges, Atiku referred to his document titled “My Covenant With Nigerians,” where he advocated for reforms in the foreign exchange market and the elimination of multiple exchange rate windows.
Atiku concluded by expressing confidence that with an open approach, control of internal corruption, and improved management of foreign loans, the Nigerian economy could gradually recover.
