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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
News
NSCIA Secretary-General Clarifies Council Receives No Government Funding
NSCIA Secretary-General Clarifies Council Receives No Government Funding
The Secretary-General of the Nigerian Supreme Council for Islamic Affairs (NSCIA), Prof. Is-haq Oloyede, has clarified that the council has never received financial support from any government, either within or outside Nigeria. Speaking in Lagos at the 31st Annual Pre-Ramadan Lecture of the University of Lagos Muslim Alumni (UMA), Oloyede stressed that the NSCIA operates independently and relies largely on modest private donations to sustain its activities.
Oloyede, who also serves as Registrar of the Joint Admissions and Matriculation Board (JAMB), explained that in his 15-year tenure as NSCIA Secretary-General, the council had not received “a kobo” from any government. He added that fewer than 20 individuals have donated amounts up to ₦500,000 since 2013, highlighting that the council functions without significant external funding. He decried misinformation and divisive narratives suggesting government involvement under the leadership of the Sultan of Sokoto, Muhammad Saad Abubakar, noting that such speculation undermines unity within Nigeria’s Muslim community.
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Speaking on the theme “Muslims: The Challenge of National Security,” Oloyede warned against viewing insecurity, terrorism, and banditry through a religious lens. He said extremists often cloak their violent acts in religious language, but such actions do not reflect Islam. “Islam cannot be determined by what extremists say or do. We have a duty to correct that narrative,” he said, urging Muslims to reject all forms of extremism while understanding that insurgency thrives on enabling political, social, and economic conditions.
Oloyede stressed that security is central to Sharia, emphasizing that a true Muslim is someone “from whose actions neighbours — regardless of their faith — are safe and secure.” He cautioned against reducing insecurity to regional or religious differences, noting that all parts of Nigeria face security challenges. He called on Muslims to embrace moral responsibility, civic accountability, and practical partnerships to improve national security.
Other speakers at the lecture also highlighted the societal dimensions of insecurity. Dr. Ridwan Jamiu, Chief Imam of Lekki Central Mosque, described insurgents as agents of evil and stressed the need for religious leaders to promote peace and guide followers toward positive community engagement. Lagos State Assembly Speaker Mudashiru Obasa identified poverty and economic inequality as key drivers of insecurity and urged the government and policymakers to focus on job creation, education, and inclusive development as long-term solutions.
The lecture, part of the annual pre-Ramadan engagements, comes at a time when Nigeria continues to grapple with complex security challenges, including insurgency in the Northeast, banditry in the Northwest and North-Central, and rising violent crime in the South. Experts emphasize that national cohesion, interfaith cooperation, and community-led security initiatives are vital to tackling these threats effectively.
NSCIA Secretary-General Clarifies Council Receives No Government Funding
News
Saudi Supreme Court Calls on Muslims to Sight Ramadan Crescent Moon on Tuesday Evening
Saudi Supreme Court Calls on Muslims to Sight Ramadan Crescent Moon on Tuesday Evening
The Supreme Court of Saudi Arabia has urged Muslims across the Kingdom to look for the Ramadan crescent moon on the evening of Tuesday, February 17, 2026, to determine the official start of Ramadan 1447 AH. The court emphasized that community participation in moon sighting is vital for confirming the beginning of the holy month.
In an official statement relayed by the Saudi Press Agency, the Supreme Court instructed anyone who spots the new moon crescent — either with the naked eye or using binoculars — to report their observation to the nearest court and ensure their testimony is recorded. Local centres have also been set up to assist observers in reaching judicial offices.
The Kingdom has established moon sighting committees across regions to coordinate observations and support public involvement. Authorities encouraged citizens to actively participate, noting that their contributions are essential to help Muslims across Saudi Arabia begin Ramadan in unity.
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Tuesday corresponds to 29 Sha’ban 1447 AH in the Islamic lunar calendar. If the crescent moon is sighted, Ramadan 1447 AH will commence on Wednesday, February 18, 2026. If the moon is not visible, Sha’ban will be completed as 30 days, and Ramadan will begin on Thursday, February 19, 2026. This aligns with centuries-old Islamic tradition of lunar observation.
Muslims worldwide, including in the Gulf Cooperation Council (GCC) countries, are preparing for Ramadan, a sacred month of fasting, prayer, reflection, and charity. Astronomical forecasts suggest visibility may vary across regions, making local observations and testimonies crucial. Similar calls for crescent moon sightings have also been issued by authorities in countries such as Qatar and the United Arab Emirates.
The Supreme Court’s announcement underscores the importance of lunar observation in Islamic practice and encourages public engagement to ensure a synchronized start of Ramadan across the Kingdom.
Saudi Supreme Court Calls on Muslims to Sight Ramadan Crescent Moon on Tuesday Evening
News
Presidency Dismisses El-Rufai’s Thallium Claim as Diversion From N432bn Probe
Presidency Dismisses El-Rufai’s Thallium Claim as Diversion From N432bn Probe
The Presidency has dismissed former Kaduna State Governor Nasir El-Rufai’s recent claim that the Office of the National Security Adviser (ONSA) procured thallium sulphate, describing it as a politically motivated attempt to stir tension and divert attention from corruption allegations linked to his tenure in Kaduna State.
Officials said the allegation comes shortly after the Kaduna State House of Assembly reportedly endorsed a petition to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC), urging investigations into alleged financial improprieties totaling N432 billion during El-Rufai’s administration. The anti-graft agencies have since invited him for questioning.
Reacting to El-Rufai’s inquiry to the NSA, the Senior Special Assistant to the President on Media and Publicity, Temitope Ajayi, said the former governor was spreading misinformation capable of generating fear and unrest, while attempting to portray himself as a victim. Ajayi stressed that no government procurement or importation of thallium sulphate had taken place through ONSA.
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“Mallam El-Rufai certainly got a reply to his letter from the NSA’s office, and he should be honourable enough to release it just as he mischievously released his own letter,” Ajayi said in a statement shared on social media.
According to the Presidency, El-Rufai’s actions are designed to create political instability and shift public focus away from the corruption allegations he faces. The statement argued that he is attempting to “nationalise his personal challenges” with the Kaduna State Government, insisting the controversy is not about President Bola Tinubu or the NSA, but about his waning political influence after eight years in office.
The Presidency further claimed El-Rufai had lost support from key stakeholders in Kaduna, including political allies, and had fallen out with his successor, Uba Sani, whom he had previously endorsed. Government officials urged the former governor to abandon political theatrics and address the allegations through appropriate legal and institutional channels.
The controversy comes amid heightened attention to both the thallium sulphate claim and the ongoing N432 billion Kaduna corruption probe, with analysts observing potential political and legal implications for the former governor.
Presidency Dismisses El-Rufai’s Thallium Claim as Diversion From N432bn Probe
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