Tuesday, March 26, 2024

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.

We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

Katsina State

Politics

Katsina youths pledge to deliver over 2 million votes to Atiku

“Katsina State is Atiku’s political base because it is his second home.”

UCH BUILDING; LANTERN IN DARKNESS

Health

N495 Million Debts: UCH staff, patients plunged in darkness as IBEDC cuts off power supply

“The IBEDC should see UCH as a sacred place because we render services to save lives,” said the hospital’s CMAC.

Governor Dikko Radda (Credit ; Leadership)

Agriculture

Gov Radda converts 722 LG workers into agric extension officers

Governor Dikko Radda disclosed this during a two-day training event organised for the workers.

MURDERED SOLDIERS

Rights

Soldiers killed innocent Okuama residents over murder of their colleagues: Ijaw leader

The military has been urged to protect innocent residents as they search for the masterminds of the attack that killed 16 soldiers in Okuama.

OLAYEMI CARDOSO; CBN

Economy

CBN increases inter-bank interest rate by 200 basis points to 24.75%

MPR is a short-term, often overnight rate that banks charge one another to borrow funds.

British High Commission in Abuja

Abuja

Nigeria, UK pledge to intensify anti-corruption, illegal migration scourge

Nigeria and the United Kingdom have expressed a willingness to strengthen their collaboration on migration.

States

Boko Haram ‘commanders’ surrendered to troops in Borno: MNJTF

The two insurgents escaped from the Kwalaram-Bakura Buduma camps after fighting for more than a decade.