In a swift response to former Vice President Atiku Abubakar's criticisms, the Nigerian Presidency stated on Sunday, accusing Atiku of distorting facts surrounding the foreign exchange policy of the Tinubu administration. The Special Adviser to the President on Information and Strategy, Bayo Onanuga, delivered the rebuke, pointing out that Atiku failed to offer a better policy alternative to the ongoing efforts of the Central Bank of Nigeria (CBN).
Contrary to Atiku's claims that the recent meeting between Tinubu and state governors focused on the foreign exchange crisis, Onanuga clarified that the primary discussion revolved around food supply and strategies to reduce food prices significantly. The meeting identified a link between the state of security and the rising cost of food, attributing high prices to hoarding and artificial scarcity created by some entities.
According to the statement, decisions from the meeting included plans to strengthen and arm forest rangers, increase police recruitment, and engage the National Economic Council in discussions about establishing state police. President Tinubu also approved the release of 42,000 metric tonnes of grains from the national reserve, with ongoing discussions with rice millers for an additional 60,000 metric tonnes.
The statement emphasized Tinubu's disapproval of price control and food importation, expressing confidence in Nigeria's capacity to produce enough food for citizens and potential export. There was no deliberation on currency fluctuation, as claimed by Atiku; the presidency asserted that it falls within the purview of the CBN, which should be allowed to handle monetary policies autonomously.
The presidency urged Atiku to acknowledge and commend Tinubu for not interfering with the CBN's functions and maintaining a hands-off approach to monetary policies. It refuted Atiku's assertions that the CBN's forex management policy lacked proper planning and consultation, highlighting the positive results, including increased capital inflow and growing investor confidence.
Onanuga concluded by asserting that Atiku's proposed alternative of a controlled floatation of the naira mirrored former CBN Governor Godwin Emefiele's policies, which proved costly and ineffective. The statement aimed to set the record straight, defending the administration's actions and dispelling what it deemed as misrepresentations by Atiku.
