2023: Group Faults Osinbajo’s Comments on CBN, Naira Devaluation

2023: Group Faults Osinbajo’s Comments on CBN, Naira Devaluation

The Nigeria Economic Advancement Forum has kicked against the statement made by Vice President Osinbajo on fiscal policy

Osinbajo had advised the Central Bank of Nigeria (CBN) at the mid-term performance review retreat in Abuja to allow the Naira exchange rate to reflect market realities

The group, however, described the vice president's statement as being political, saying that the country's economic policy of CBN should be commended

FCT, Abuja - A group, Nigeria Economic Advancement Forum, has reacted to the comment made by Vice President Yemi Osinbajo at the mid-term performance review retreat for ministers, managers of Nigeria's economy and other top officials of government.

Legit.ng reported that the vice president had requested the Central Bank of Nigeria (CBN) to allow the Naira exchange rate to reflect market realities.

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Osinbajo wants synergy fiscal and economic policy.
President Muhammad Buhari speaking at a mid-term performance review in Abuja. Credit: Femi Adesina.
Source: Facebook

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Osinbajo said the present currency rate is artificially low, thereby preventing investors from bringing foreign capital into the country.

But the group, however, said that the vice president's comments could be seen as a subtle criticism of the federal government's economic policies where he also serves.

In a statement issued on Tuesday, October 12, its national chairman, Abduljamid Musa and the national secretary, Mercy Daniel, the group wondered why Osinbajo waited till now before he offered the advice.

It alleged that the vice president's statement may be seen as political if is critically looked into, especially as the race to the 2023 general election becomes dramatic on a daily basis.

The statement said it is worrisome that the comment was coming at a time Nigeria, like other nations, is striving to jumpstart its economy following the devastating effects of the COVID-19 pandemic.

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Describing the vice president as "the biggest ostrich in town," the group wondered why Osinbajo would speak against the monetary and fiscal policies of a government he serves as second-in-command and head of the economic management team.

According to the group, the just-ended mid-term performance review was an inappropriate platform for Osinbajo to have asked the CBN governor to adjust the Naira exchange rate "to be as reflective of the market as possible to boost supply.

It also kicked against the vice president's statement that the Naira exchange rate was "artificially low and discourages foreign capital inflow to the country."

The forum noted that the CBN has since the pandemic, been working assiduously to stem the rapid fall of the Naira against the Dollar.

It posited that the CBN under Emefiele has often explained that no currency is managed at fixed-rate value and that the value of any currency is to the degree of the strength of the economy of the concerned nation.

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The group also gave a long list of the economic policies spearheaded by the CBN under Emefiele, calling on the vice president to use his position to support the activities of the apex bank and its governor.

President Buhari backs Osinbajo on the need for synergy between fiscal and monetary policy

Meanwhile, Legit.ng had previously reported that President Muhammadu Buhari threw his weight behind Osinbajo’s call for synergy between fiscal and monetary sides of policymaking in the interest of the nation and in order to build a resilient economy.

It was reported that during his remarks at the opening of a two-day mid-term ministerial performance review retreat, Osinbajo called for the need for synergy between the Central Bank of Nigeria (CBN) on the monetary side and the ministries, departments, and agencies of government on the fiscal side.

Speaking at the end of the retreat on Tuesday, October 12, the president stressed the need for synergy between the fiscal and monetary authorities in the country to keep the economy on the trajectory of growth.

Source: Legit

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