Nigerian govt gives reasons why Atiku’s attack on Tinubu’s economic policies is ‘preposterous’

The Presidency has described the attack by former Nigeria’s Vice-President, Alhaji Atiku Abubakar on the economic policies of the President Bola Ahmed Tinubu led administration as preposterous.

Rather, the Presidency, in a statement by Special Adviser to the President on Information & Strategy, Bayo Onanuga late on Sunday, February 18, 2024 said FG’s policies were beginning to yield fruit as evidenced in the raft of policies by the Central Bank of Nigeria (CBN) to stabilise the Naira and end volatility in the market and this was already yielding some positive results and the increase in capital importation into the country amongst others.

Ripples Nigeria had earlier reported that Atiku in a statement issued on Sunday accused Tinubu’s government of hurriedly putting together a new FX management policy without proper plans and consultations with stakeholders, and for failing to anticipate or downplaying the potential and real negative consequences of its actions.

Atiku said the policies of the Tinubu administration had continued to cause untold pain and distress on the economy, adding that the government had demonstrated sufficient poverty of ideas to redeem the situation.

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Reacting, Onanuga, said, “It is false and preposterous for Atiku to claim that CBN’s FX management policy was hurriedly put together without proper plans and consultations with stakeholders and that the apex bank is hamstrung by Tinubu’s government in implementing a sound FX Management Policy ‘that would have dealt with such issues as increasing liquidity, curtailing/regulating demand, dealing with FX backlogs and rate convergence’.

“Contrary to former VP Atiku’s claim, Cardoso’s CBN is implementing a raft of policies to stabilise the Naira and end volatility in the market and this is already yielding some positive results.

“Capital importation into the country is increasing, according to the latest NBS report. In the fourth quarter of 2023, Nigeria recorded a 66.27 percent increase in capital inflow, compared with Q3, before Cardoso’s arrival at CBN. In Q3, capital inflow was $654.65 million. It rose to $1.09 billion in Q4.

“Alhaji Atiku will agree that the rise in capital inflow suggests massive investors’ confidence in Nigeria and the policy direction of the Tinubu administration.

“Juxtaposed with the policy options being implemented by the CBN, Atiku’s alternative of a controlled floatation of the Naira is similar to the policy of Godwin Emefiele, when an estimated $1.5 billion was spent monthly to shore up the Naira, while arbitrage or round tripping went on unhindered. Sadly, it was perpetrated by people close to the corridors of powers.”

By Babajide Okeowo

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