Economic Hardship: Presidency Replies Atiku’s Criticism of Tinubu’s Policies

• The Nigerian presidency criticised former Vice President Atiku Abubakar, accusing him of inaccuracies in his critique of the foreign exchange policy
• Bayo Onanuga, the Special Adviser to the President on Information and Strategy, issued the reprimand in a statement
• He stated that the recommendation of the former vice president resembles that of the embattled former CBN governor, Godwin Emefiele

Legit.ng journalist Segun Adeyemi has over 9 years of experience covering political events, civil societies, courts, and metro

State House, Abuja - Bayo Onanuga, the president's special adviser on information and strategy, has dismissed recent assertions by former vice-president Atiku Abubakar regarding foreign exchange (FX) as "false and absurd."

Atiku had criticised the administration's lack of clear policies to tackle economic challenges, alleging that a meeting with state governors focused on FX issues.

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Onanuga countered these claims, stating they were untrue.

Onanuga said:

“Former Vice President, Atiku Abubakar, in an attempt to rubbish the foreign exchange policy of the Tinubu administration got his facts muddled up again.

“He also failed to prescribe a better policy option to what Governor Olayemi Cardoso and his team are executing at the apex bank."

Presidency dismisses Atiku's allegations

Onanuga refuted that President Tinubu's recent meeting with the 36 State Governors addressed the foreign exchange crisis and currency instability.

Instead, he clarified that the main focus was food supply issues and ways to lower food prices significantly.

The Minister of Information, Alhaji Mohammed Idris, briefed State House Correspondents on the meeting's key points.

Onanuga said:

“One was that the meeting established a nexus between the state of security and the rising cost of food. Another was that hoarders are warehousing food, creating artificial scarcity and thus enabling the high cost of food items.

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“The decisions at the meeting reflected the main points discussed: Forest rangers are to be strengthened and armed, while police are to recruit more men and the National Economic Council to deepen discussions about creating state police."

Atiku urged to give Tinubu props

Onanuga suggested that Abubakar should appreciate Tinubu for upholding this position and refraining from involvement in the central bank's affairs.

He said it was untrue and absurd for Atiku to assert that the CBN's foreign exchange management strategy was hastily assembled without adequate planning and discussions with relevant parties.

He argued that the central bank is hindered by the influence of Tinubu's administration in executing a robust FX management plan that could address concerns like boosting liquidity, managing demand, addressing FX backlog, and achieving rate convergence.

Presidency dismisses Atiku's recommendations

Onanuga declared that, in contrast to Atiku's assertions, Cardoso's CBN is enacting a series of measures to stabilise the naira and mitigate market volatility, already showing promising outcomes.

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He said:

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

Onanuga further mentioned that compared to the strategies currently being executed by the CBN, Atiku's proposal for a managed floating of the naira resembles the approach advocated by Godwin Emefiele.

Tinubu’s govt will kill Nigerians, says Atiku’s aide

Meanwhile, President Tinubu continues to face criticism for his harsh economic policies that have plunged Nigeria into crisis.

Phrank Shaibu, a special assistant to former Vice President Atiku Abubakar, said the current administration lacks capacity.

He stated that President Tinubu's inability to take responsibility for his government's shortcomings indicates his lack of economic ideas.

Source: Legit.ng