By Grace Chigbu
The Nigerian Presidency has vehemently defended the economic policies of the Bola Ahmed Tinubu-led administration following scathing remarks by former Vice-President, Alhaji Atiku Abubakar.
In a statement issued late on Sunday, February 18, 2024, by the Special Adviser to the President on Information & Strategy, Bayo Onanuga, the Presidency labeled Atiku’s attack on Tinubu’s economic policies as “preposterous.”
According to the statement, the Federal Government’s policies are yielding positive results, notably through the initiatives of the Central Bank of Nigeria (CBN) aimed at stabilizing the Naira and reducing market volatility. Onanuga highlighted an increase in capital importation into the country as evidence of the effectiveness of these policies.
Atiku had earlier accused the Tinubu administration of implementing new foreign exchange (FX) management policies without adequate planning and stakeholder consultation. He criticized the government for neglecting the potential negative consequences of its actions, which he claimed were causing significant economic distress.
In response, Onanuga refuted Atiku’s claims, asserting that the CBN under Tinubu’s leadership had implemented a series of measures to stabilize the Naira and address market volatility, leading to a significant increase in capital inflow into the country. He criticized Atiku’s proposed alternative of a controlled floatation of the Naira, likening it to past policies that were ineffective and costly.
The statement concluded by highlighting the rise in investors’ confidence in Nigeria as evidenced by the surge in capital inflow, which the Presidency attributed to the policy direction of the Tinubu administration.
The exchange underscores the ongoing debate over economic policies in Nigeria, with political figures offering differing perspectives on the best approach to address the country’s economic challenges.
