Thursday, May 6, 2021

Buhari’s “poverty of ideas” has destroyed the naira: Ezekwesili

The naira has continued to depreciate against the dollar, leaving the country in a precarious state in the foreign exchange market.

• January 4, 2021
Oby Ezekwesili

Former presidential candidate in the last general election, Oby Ezekwesili, has berated President Muhammadu Buhari’s handling of Nigeria’s monetary policies.

Mrs. Ezekwesili, a former minister of education said on Arise TV Monday that the Buhari administration was bereft of sound economic ideas, hence the continual degradation of the naira.

The erstwhile vice-president, Africa Division of the World Bank criticised the “politicisation” of the Nigerian Central Bank, which she termed an “extension” of the Presidential Villa.

“When you think in terms of monetary policies, the Central Bank has become an extension of the Villa and that is problematic,” Mrs. Ezekwesili said. 

“You can’t have your monetary authority so badly politicised in the way it currently is and have a sound monetary policy,” the former minister stated, while asserting that President Buhari’s foreign exchange policy had resulted in “murdering the naira.”

She added that “the greatest tragedy of the last five years of the country has been the fact that there has been poverty of ideas in terms of economic management.”

The naira has continued to depreciate against the dollar, leaving the country in a precarious state in the foreign exchange market.

Nigeria slid into its second recession under Mr. Buhari in the last quarter of 2020, recording massive decline in gross domestic product.

Experts had blamed the 15-month closure of the nation’s land borders, as well as the controversial fiscal and monetary policies of the Buhari administration and the apex bank for the latest recession.

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