Former Vice President and 2023 presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, has lambasted President Bola Tinubu's economic policies, particularly the unification of the exchange rate, citing them as hastily implemented without proper planning and stakeholder consultations.
In a scathing critique, Abubakar highlighted the adverse economic challenges currently faced by Nigerians, attributing them to the policies of the Federal Government. These challenges have exacerbated the affordability of essential goods and services for many citizens.
Expressing his concerns, Abubakar stated that he foresaw the country's economic downturn during the twilight of former President Muhammadu Buhari's administration. He criticized Tinubu for failing to effectively present concrete policy measures to address the ongoing economic crisis plaguing the nation.
During a meeting convened by Tinubu to address the foreign exchange crisis and economic downturn, Abubakar asserted that the administration's policies have only intensified the hardship experienced by Nigerians.
According to Abubakar he stated, "The wrong policies of the Tinubu administration continue to cause untold pain and distress on the economy, and the rest of us cannot keep quiet when the government has demonstrated sufficient poverty of ideas to redeem the situation."
He further emphasized his commitment to reforming the foreign exchange market, as outlined in his 2023 presidential election policy document, "My Covenant With Nigerians." Abubakar
pledged to eliminate multiple exchange rate windows that benefited opportunists, middlemen, and fraudsters.
Regarding the preferred exchange rate system, Abubakar advocated for a managed-floating system, citing Nigeria's insufficient, unstable, and precarious foreign reserves to support a free- floating rate regime. He emphasized the need for judicious and responsible control by the Central Bank of Nigeria to stabilize the value of the Naira.
Abubakar's critique underscores the ongoing debate surrounding economic policies and their implications for Nigeria's socio-economic landscape
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