Atiku’s FX solution will return Nigeria to Emefiele era – Onanuga - Newstrends
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Atiku’s FX solution will return Nigeria to Emefiele era – Onanuga

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Bayo Onanuga, Special adviser on Information & Strategy

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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INEC Warns ADC Against Holding Convention Without Supervision

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Chairman of the Independent National Electoral Commission (INEC), Joash Amupitan
Chairman of the Independent National Electoral Commission (INEC), Joash Amupitan

INEC Warns ADC Against Holding Convention Without Supervision

The Independent National Electoral Commission (INEC) has cautioned the African Democratic Congress (ADC) against proceeding with its planned congresses and national convention without proper supervision and in defiance of an existing court order.

Chairman Joash Amupitan issued the warning during an interview on Arise TV on Friday, after the ADC insisted on going ahead with its convention despite INEC’s derecognition of the leadership faction linked to David Mark and Rauf Aregbesola.

Amupitan stressed that INEC’s actions were guided by legal considerations, particularly a subsisting court order restraining the ADC from taking steps that could undermine ongoing legal proceedings. “Don’t do anything. Don’t take any step that will render any proceeding before the court nugatory,” he said.

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He explained that the ADC’s plan to conduct congresses and a national convention is already part of a pending legal process, with motions related to the activities yet to be determined by the court. Ignoring the court’s directive, he warned, could result in invalidated elections or nullified internal party decisions, citing precedents in Zamfara and Plateau states where failure to comply with court orders affected electoral outcomes.

Amupitan highlighted the risks of repeating past mistakes, stressing that while the ADC is free to act as it chooses, INEC would not risk supervising illegal or unauthorized party activities. He reinforced the importance of adhering to the Electoral Act and judicial directives to ensure that party events are legally recognised and free from future challenges.

The INEC Chairman’s warning comes amid heightened tension within the ADC, with the faction led by David Mark facing derecognition and ongoing litigation over the party’s legitimate leadership. Analysts note that the statement underscores INEC’s commitment to rule of law, legal compliance, and internal party democracy, especially as Nigeria approaches the 2027 general elections.

INEC Warns ADC Against Holding Convention Without Supervision

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Presidency Clarifies Why Tinubu Met Plateau Victims Only at Airport

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President Bola Ahmed Tinubu with victims of palm Sunday Attack in Plateau State
President Bola Ahmed Tinubu with victims of palm Sunday Attack in Plateau State

Presidency Clarifies Why Tinubu Met Plateau Victims Only at Airport

The Presidency has clarified why President Bola Tinubu did not leave the airport during his recent visit to Jos, amid public criticism. Officials said the decision was driven by tight scheduling, logistical constraints, and aviation safety concerns.

President Tinubu visited Jos North Local Government Area, where he met with families of victims killed in the Angwan Rukuba attack. Speaking to the bereaved, he said, “You have no light at the airport, and I have to fly back within the next 10 minutes. To the victims, there’s nothing I can give you, whether it’s money in millions, but console you and promise you that this experience will not repeat itself.”

The visit was attended by political supporters, traditional rulers, security operatives, and other stakeholders. However, Tinubu’s airport-only engagement drew criticism, with some accusing him of insensitivity toward grieving families.

In response, the President’s Special Adviser on Information and Strategy, Bayo Onanuga, explained that Tinubu’s schedule on Thursday included receiving Chadian President Mahamat Idriss Déby Itno at the Presidential Villa before traveling to Iperu in Ogun State. Following a security briefing by Plateau Governor Caleb Mutfwang, the Ogun trip was canceled, and an emergency visit to Jos was arranged overnight.

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Officials said logistical challenges made a town visit impractical. The airport runway does not support night flights, and the road distance from the airport to Jos township is about 40 minutes. These factors made it unfeasible for the President to visit the conflict site, meet victims in town, and return to the airport safely before dusk.

To ensure engagement, representatives of affected communities were brought to a hall adjoining the airport, allowing Tinubu to meet directly with victims, local leaders, and security officials. Among attendees were the Minister of Defence, the Chief of Army Staff, and the Inspector General of Police, who had visited Rukuba to assess security operations.

During the meeting, the President consoled victims, listened to their concerns, and assured justice would be delivered. He also promised the deployment of 5,000 AI-enabled surveillance cameras to monitor the city and enhance the identification and arrest of troublemakers. Furthermore, he invited community leaders to Abuja for additional talks on long-term solutions to recurring violence in Plateau State.

The Presidency described the visit as a strategic, high-level engagement aimed at addressing the root causes of conflict, rather than a symbolic gesture. Officials emphasized that Tinubu’s approach prioritized safety, efficiency, and direct interaction with key stakeholders while adhering to flight and logistical constraints.

Despite the criticisms, the televised meeting was seen as reassuring by residents, signaling the President’s commitment to peace, security, and community-driven solutions in Plateau State.

Presidency Clarifies Why Tinubu Met Plateau Victims Only at Airport

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Heavy Security Deployed at INEC Headquarters Abuja Amid Planned ADC Protest

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Heavy Security Deployed at INEC Headquarters Abuja

Heavy Security Deployed at INEC Headquarters Abuja Amid Planned ADC Protest

Armed security forces on Thursday surrounded the Independent National Electoral Commission (INEC) headquarters in Abuja as tensions escalated over a planned protest by supporters of the African Democratic Congress (ADC). The move comes amid a deepening leadership crisis within the party, which has split into rival factions, prompting agitation and nationwide attention.

Eyewitnesses reported a strong presence of Nigeria Army personnel, with armoured vehicles stationed at strategic points around the INEC complex in the Maitama district. The Nigeria Police Force, Department of State Services (DSS), and Nigeria Security and Civil Defence Corps (NSCDC) also reinforced security, restricting movement and monitoring activities closely to prevent potential clashes.

The heightened security follows INEC’s decision to remove the names of Senator David Mark and former Osun State Governor Rauf Aregbesola as National Chairman and National Secretary of the ADC from its official portal. The commission said this action complied with preservatory orders issued by the Court of Appeal, directing all parties to maintain the status quo until the Federal High Court delivers a final judgment.

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The ADC dispute has created two competing camps: one backing David Mark and the other supporting Nafiu Bala Gombe as acting chairman. Both sides have sent conflicting communications to INEC, further complicating the situation and sparking the threat of protests at the commission’s headquarters.

“The names of the current National Working Committee members led by Senator David Mark… would be removed from the INEC portal pursuant to the order of the Court of Appeal to maintain the status quo ante bellum,” INEC stated, clarifying that it would suspend recognition of any faction until judicial resolution.

Supporters of the ADC have accused INEC of bias and interference in the party’s internal affairs. Civil society groups and political commentators have urged restraint and neutrality from the electoral commission to prevent further escalation of tensions.

Security operatives set up checkpoints and roadblocks around INEC headquarters, with armed personnel maintaining a visible presence. The deployment is viewed as a preventive measure to avert potential clashes or breakdown of law and order while the legal dispute unfolds.

Political observers note that the heavy security presence at INEC highlights the growing intersection of party politics and public order in Nigeria, as the ADC leadership tussle remains unresolved and could influence upcoming electoral processes.

Heavy Security Deployed at INEC Headquarters Abuja Amid Planned ADC Protest

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