Omoyele Sowore accuses Tinubu of stealing his Idea

Omoyele Sowore, the 2023 presidential candidate of the African Action Congress (AAC), has accused President Bola Tinubu of adopting his idea to address Nigeria’s multiple exchange rate regimes.

Omoyele Sowore claimed that although his proposal to unify the exchange rates was stolen, Tinubu’s implementation of the idea may not lead to sustainable economic growth.

In a press statement issued by Angela Sere-Ejembi, the Director in charge of financial markets at the Central Bank of Nigeria (CBN), immediate changes to operations in the Nigerian Foreign Exchange (FX) market were announced.

The CBN abolished the multiple exchange rate windows and merged them into the business-based Investors and Exporters (I&E) window.

Responding to the development, Sowore took to Twitter on Friday to express his thoughts.

He stated that while the idea of unifying exchange rates was borrowed from his campaign promises, Tinubu’s government’s approach to its implementation raised concerns about its long-term viability. Sowore used the hashtag #Revolutionnow to emphasize his standpoint.

Months ago, during a live program on Arise News TV, Sowore extensively outlined his plans to tackle the exchange rate issue if elected as the country’s president. He proposed suspending Godwin Emefiele, the Central Bank Governor, citing political affiliations as the reason.

Sowore explained,

“The first thing we need to do is to completely erase the multiple rates system. That is what is promoting the corruption that is killing the Naira.”

He criticized the lack of transparency in the system and emphasized the importance of aligning macroeconomic policies with the management of the economy.

The AAC candidate also highlighted the need to promote local production as a means of protecting the Naira. Omoyele Sowore called for a solid macroeconomic manager who understands the Nigerian economy and prioritizes the welfare of the Nigerian people.

He criticized the historical influence of external entities like the International Monetary Fund and the World Bank, asserting the importance of protecting domestic interests.

Sowore’s accusation against Tinubu comes in the context of recent changes in Nigeria’s foreign exchange management, with the CBN’s move to unify the exchange rates.

While Sowore believes his idea was appropriated, he expressed doubts about the current government’s ability to sustain long-term economic growth.

As the political landscape continues to evolve, discussions surrounding economic policies and their origins are likely to persist.