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Atiku’s FX solution will return Nigeria to Emefiele era – Onanuga
Atiku’s FX solution will return Nigeria to Emefiele era – Onanuga
The Presidency has countered Atiku Abubakar’s Foreign Exchange Solution, stating that a controlled floating of the currency to prevent further devaluation will merely return Nigeria to the economic regime of Godwin Emefiele, the beleaguered former Governor of the Central Bank of Nigeria.
It said that the programme, which saw approximately $1.5 billion paid monthly to prop up the naira, encouraged financial malpractices such as arbitrage, which harmed the economy.
Mr. Bayo Onanuga, Special Adviser to the President on Information and Strategy, made this claim in a statement released on Sunday titled ‘Once again, former Vice President Atiku Abubakar got it wrong.’
Onanuga was responding to Atiku Abubakar, a former Vice President and presidential candidate for the Peoples Democratic Party in the 2023 elections, who claimed that Tinubu’s economic policies, particularly the unification of the exchange rate, were implemented hastily and without adequate planning or consultations with stakeholders.
Tinubu’s economic changes during the last nine months have caused collateral instability in the value of the naira, causing misery for Nigerians as food prices continue to rise.
Atiku criticised the government, saying, “The wrong policies of the Tinubu administration continue to cause untold pain and distress on the economy, and the rest of us cannot keep quiet when the government has demonstrated sufficient poverty of ideas to redeem the situation.”
He argued that “given Nigeria’s underlying economic conditions, adopting a floating exchange rate system would be an overkill. We would have encouraged the Central Bank of Nigeria to adopt a gradualist approach to FX management. A managed floating system would have been a preferred option.”
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Atiku remarked that the naira would fluctuate daily in such a system, but the CBN would intervene to control and stabilise its value.
“Such control will be exercised judiciously and responsibly, especially to curb speculative activities,” he noted.
However, the Presidency disagreed, saying, “Atiku’s alternative of a controlled floatation of the naira is similar to the policy of Godwin Emefiele, when an estimated $1.5 billion was spent monthly to shore up the naira while arbitrage or round-tripping went on unhindered. Sadly, it was perpetrated by people close to the corridors of power.”
According to Onanuga, the President, his VP, and state governors met last Thursday to discuss food supply and how to dramatically reduce food price fluctuations, not currency fluctuations, as Atiku stated.
Citing Tinubu’s appeal to governors to allow the CBN to function and his refusal to establish a commodity board, he added, “We expected Alhaji Atiku to praise President Tinubu for maintaining this stance and for not interfering with the business of Central Bank.
“It is false and preposterous for Atiku to claim that CBN’s FX management policy was hurriedly put together without proper plans and consultations with stakeholders and that the apex bank is hamstrung by Tinubu’s government in implementing a sound FX management policy’ that would have dealt with such issues as increasing liquidity, curtailing or regulating demand, dealing with FX backlogs, and rate convergence.’
“Contrary to former VP Atiku’s claim, Cardoso’s CBN is implementing a raft of policies to stabilise the naira and end volatility in the market, and this is already yielding some positive results,” he added.
The Presidency also highlighted numbers from the National Bureau of Statistics for Q4 2023, which claimed that Nigeria had a 66.27 percent rise in capital inflows compared to Q3 before Cardoso started at the CBN—in Q3, capital inflows were $654.65 million and increased to $1.09 billion in Q4.
“Atiku will agree that the rise in capital inflow suggests massive investors’ confidence in Nigeria and the policy direction of the Tinubu administration,” it argued.
As a result, it stated that, when compared to the policy alternatives being implemented by the CBN, Atiku’s alternative of restricted Naira flotation is similar to Godwin Emefiele’s strategy.
In response to Atiku, the APC’s National Publicity Director, Ibrahim, claimed Emefiele was a product of the PDP government.
He said, “Whatever crisis the financial institutions in Nigeria are facing or whatever the country is facing with regards to forex, it is the offshoot of the PDP policy that is manifesting in Nigeria today. Whatever blame is apportioned for the forex challenges we are having, the larger part of it should go to the PDP for producing Godwin Emefiele as governor of the Central Bank of Nigeria.”
Atiku’s FX solution will return Nigeria to Emefiele era – Onanuga
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[UPDATED] [Breaking] APC’s Lucky Aiyedatiwa wins Ondo governorship election
[UPDATED] [Breaking] APC’s Lucky Aiyedatiwa wins Ondo governorship election
Lucky Aiyedatiwa, the All Progressive Congress (APC) candidate, has emerged victorious in the Ondo governorship election.
Olayemi Akinwumi, the Independent National Electoral Commission (INEC) returning officer, disclosed the results in Akure, Ondo’s capital, on Sunday.
Aiyedatiwa, the incumbent governor, secured 366,781 votes, surpassing Agboola Ajayi of the Peoples Democratic Party (PDP), who garnered 117,845 votes.
Nejo Adeyemi, the African Democratic Congress (ADC) candidate, trailed behind with 4,138 votes.
The APC dominated the election, winning all 18 local government areas, while the PDP failed to secure any victories.
The off-cycle election in Ondo, contested by 17 candidates, took place peacefully, with minimal violence reported.
Prior to the election, Aiyedatiwa expressed confidence in his victory, citing his impressive record in office.
Aiyedatiwa emphasized that he was the sole candidate to have visited all 18 local government areas, adding that he’s willing to concede defeat if the election is free from manipulation.
Ajayi, Aiyedatiwa’s closest rival, expressed concerns regarding INEC’s capability to ensure a fair electoral process.
The PDP candidate also criticized the commission’s sluggish pace, alleging that it constitutes a “deliberate attempt to rig the polls”.
ONDO STATE GUBERNATORIAL ELECTION RESULTS (UPDATED)
1– Akure North
APC 14, 451
PDP 5, 787
2–Okitipupa
- APC 26, 811
- PDP 10, 233
3—Akoko Northeast
APC 25, 657
News
Ondo election: Again, INEC shifts collation of results to noon
Ondo election: Again, INEC shifts collation of results to noon
The Independent National Electoral Commission, INEC, has shifted the collation of results for the Ondo State governorship election from 5am to noon.
The Returning Officer, Prof Olayemi Akinwunmi, had earlier announced that collation of the remaining five council areas will resume by 5 a.m. (Sunday), but later said it commences by noon.
Prof Akinwunmi is the Vice Chancellor of the Federal University of Lokoja.
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Akinwunmi, who announced the recess, said it is to give room for the arrival of results from the remaining council areas.
He said: “We have five more local governments but we are going to take our recess now until 5am to receive some receive from Akure North, Okitipupa and Odigbo, then Ilaje and Eseodo. We resume 5am for these local governments.”
According to results from 13 of the 18 local government areas announced so far by INEC, Aiyedatiwa has polled 259,851 votes ahead of his closest rival and candidate of the Peoples Democratic Party, PDP, Agboola Ajayi, who scored 81,031 votes.
Ondo election: Again, INEC shifts collation of results to noon
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Ondo gov: PDP, APC bought votes, says rights group
Ondo gov: PDP, APC bought votes, says rights group
The Centre for Democracy and Development West Africa (CDD-West Africa), through its Election Analysis Centre (CDD-EAC), has said that the main opposition Peoples Democratic Party (PDP) and ruling All Progressives Congress (APC) bought votes from the electorate for as low as N3,000 and N5,000 respectively during the Saturday’s off-cycle governorship election in Ondo State.
Prof. Victor Adetula, Lead, CDD-EAC Observation Mission Ondo 2024; and Dr. Dauda Garuba, Director, CDD-West Africa, said this in CDD’s EAC preliminary statement on the conduct of the 2024 Ondo State governorship election, presented by Ms Oluseyi Awojulugbe, a member of the CDD-EAC.
The report also said that the election recorded lower incidents of disinformation and information manipulation, also referred to as fake new compared to the recently concluded off-cycle September 21 governorship election in Edo State.
“CDD-EAC notes a lot of instances of vote buying. In Okitipupa LGA, Ward 09, Unit 003 (Irowa, Ilutitun 3), voters were solicited for their votes, with APC allegedly offering ₦10,000 per voter and PDP ₦3,000.
“In Odigbo LGA, Ward 01, Unit 001 (Oja Baale, Agbabu), reports of vote-buying were noted, with APC allegedly offering ₦10,000 and PDP ₦5,000 per voter.
“Our observers also noted that some party agents started transferring money to voters to circumvent having to hold cash. In Ese-Odo, Ward 07, Unit 013 (Tari Ama Zion Ugo Community, Arogbo Ward 2), Vote-buying was observed at this polling unit, with PDP offering ₦3,000 and APC offering ₦5,000 to voters.
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“CDD observers watching the process in Ward 5, PU 001, located at St Johns Primary School, Iba Akoko South East spotted APC leaders writing down the names of those who voted for their candidate.
“Subsequently, a card was given to them and they were instructed to converge at an agreed location where cash would be disbursed to them.
“In Ward 005, PU 001, St Barnabas Primary School, Ifon, CDD-EAC observers saw policemen arguing over money shared by a party stalwart.
“The policemen reportedly frowned that about 10 of them were given N100,000 while only one official from another branch of the armed services allegedly got N15,000,” the report said.
The CDD-EAC said that the vote buying incidents and behaviour of party agents sparked multiple conflicts during the voting process, listing Idanre LGA, Ward 06, PU 004 (Methodist High School), where APC agents were accused of strategically monitoring voters’ choices, a move initially defended by security officials but later curtailed after protests.
The report, however, commended the prompt arrival of electoral officials at polling units (PUs), with 99% of CDD-EAC observers reporting that the INEC officials were at their stations before 8:30am.
Observers also reported cases of rowdiness in the polling environment with some youths disagreeing in some cases about the initiative by poll officials to allow elderly voters to cast their ballots first, leading to the disruption of the process, despite the intervention of the Divisional Police Officer (DPO) at Post Office Premises, Akungba Akoko, Akoko South West.
On disinformation and information manipulation, the report said that the numbers of false narratives, claims and counter claims in the Ondo State governorship election have been relatively low, compared to other recent polls.
It said, “In the campaign period, and on Election Day, 13 claims have so far been reported and fact checked by CDD War Room.
“This is low, compared to the 61 claims reported during the same period in the Edo election, representing a 79% increase between the two elections. While 12 of these claims have been assessed to be either false or misleading, the sole claim peddled on voting day was adjudged to be true.”
Ondo gov: PDP, APC bought votes, says rights group
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