“Everything wrong with Atiku’s proposition” — Presidency

The Nigerian Presidency has slammed former Vice President, Abubakar Atiku’s proposition on handling Nigeria’s dwindling economy.

The former Vice President released a post on social media attacking President Bola Tinubu’s administration for failing to map out policies that will control the consistent devaluation of the Naira against the American dollar.

In response, the Presidency rebuffed the criticisms from Atiku Abubakar, tagging his suggestions as non viable options that only drags the country backwards.

Atiku had voiced concerns about the hasty implementation of certain economic measures, particularly the unification of the exchange rate, which he argued were causing undue hardship on Nigerians.

The Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, refuted Atiku’s claims, stating that the suggested alternative of a controlled floatation of the naira echoed past policies that proved detrimental to the economy.

Onanuga highlighted the excessive spending of about $1.5 billion monthly under previous administrations to shore up the naira, which led to financial malpractices and did little to stabilize the currency.

Furthermore, Onanuga clarified that recent discussions between the President, his vice, and state governors were centered on addressing food supply challenges and reducing fluctuations in food prices, contrary to Atiku’s assertion that currency fluctuation was the primary focus.

Atiku’s call for a managed-floating exchange rate system was met with opposition from the Presidency, which argued that such a system would resemble past failed policies and could exacerbate economic instability.

Instead, the Presidency emphasized the positive impact of current measures, citing a significant increase in capital inflow recorded in the fourth quarter of 2023 as evidence of growing investor confidence in Nigeria.

Additionally, the National Publicity Director of the All Progressives Congress (APC), Ibrahim, attributed ongoing financial challenges, including forex issues, to policies enacted during the tenure of the Peoples Democratic Party (PDP).

He singled out Godwin Emefiele, the former Governor of the Central Bank of Nigeria, as a product of the PDP government, suggesting that the roots of current economic challenges could be traced back to previous administrations.