Nigerians blast Tinubu as Atiku berates president over fluctuation of Naira, poverty – Newstrends
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Nigerians blast Tinubu as Atiku berates president over fluctuation of Naira, poverty

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1 year ago

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Asiwaju Bola Ahmed Tinubu and Alhaji Atiku Abubakar

Nigerians blast Tinubu as Atiku berates president over fluctuation of Naira, poverty

Alhaji Atiku Abubakar, the presidential candidate of the Peoples Democratic Party, PDP, in the recently held general election, has berated President Bola Tinubu over the “currency fluctuation and poverty” facing the country.

Atiku, in a statement posted on his X page on Sunday, berated Tinubu for “cluelessness” in solving the “foreign exchange crisis and the problem of economic downturn, among others,”  stating that the president has failed to “showcase any concrete policy steps that his administration is taking to contain the crises.”

Atiku further stated that “the wrong policies of the Tinubu administration continue to cause untold pain and distress to the economy.”

His statement reads, “At a meeting called at his instance on Thursday to address the foreign exchange crisis and the problem of economic downturn, among others, Bola Tinubu failed, yet again, to showcase any concrete policy steps that his administration is taking to contain the crises of currency fluctuation and poverty that face the country.

“Rather, he told the country and experts who have been offering ideas on how to resolve the crisis that he and his team should not be distracted and allowed time to continue cooking their cocktail that has brought untold hardship to the people of Nigeria.

“I don’t agree with that. The wrong policies of the Tinubu administration continue to cause untold pain and distress to the economy, and the rest of us cannot keep quiet when the government has demonstrated sufficient poverty of ideas to redeem the situation.

“If the government will not hold on to their usual hubris, there are ways that the country can walk out of the current crisis.

“After a careful assessment of the state of our economy during the twilights of the last administration, I knew full well that the economy of the country was heading for the ditch and came up with several policy prescriptions that would rescue the country from getting into the mess that we are currently in.

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“Those ideas, encapsulated in my policy document titled My Covenant with Nigerians, made the following prescriptions:

“I had signed on to a commitment to reform the operation of the foreign exchange market. Specifically, there was a commitment to eliminate multiple exchange rate windows. The system only served to enrich opportunists, rent-seekers, middlemen, arbitrageurs, and fraudsters.

“A fixed exchange rate system would be out of the question. First, it would not be in line with our philosophy of running an open, private sector-friendly economy.

“Secondly, operating a successful fixed-exchange rate system would require sufficient FX reserves to defend the domestic currency at all times. But as is well known, Nigeria’s major challenge is the persistent FX illiquidity occasioned by limited foreign exchange inflows to the country.

“Without sufficient FX reserves, confidence in the Nigerian economy will remain low, and the naira will remain under pressure.

“The economy will have no firepower to support its currency. Besides, a fixed exchange rate system is akin to running a subsidy regime!

“On the other hand, 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. In simple terms, in such a system, the naira may fluctuate daily, but the CBN will step in to control and stabilize its value.

“Such control will be exercised judiciously and responsibly, especially to curtail speculative activities.”

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Atiku, who gave reasons for the control, noted that “Nigeria has insufficient, unstable, and precarious foreign reserves to support a free-floating rate regime. Nigeria’s reserves did not have enough foreign exchange that could be sold freely at fair market prices during crises.

“Nigeria is not earning enough US dollars from its sales of crude oil because its production of oil has been declining. And,

“Nigeria is not attracting foreign investment in appreciable quantities.

“These are enough reasons for Nigeria to seek to have greater control of the market, at least in the short to medium term when convergence is expected to be achieved.”

Furthermore, he slammed the president’s FX policy, noting that the policy was hurriedly put together without proper plans and consultations with stakeholders. The government failed to anticipate or downplay the potential and real negative consequences of its actions.”

Reacting to Atiku’s statement, Nwafresh on X noted that Tinubu was ill-prepared to become Nigeria’s president.

He noted that “everybody knows that Tinubu just wants to answer the title President of the Federal Republic of Nigeria’ and that’s all.

“He came with little to nothing in terms of policies or plans. He’ll end up as the worst president in the history of Nigeria.”

For Queen Bee, she stated that “Tinubu is a punishment upon Nigeria.

“The name Tinubu should be the newest addition to the English Lexicon, meaning agony, pain, and suffering.

“It should also mean corruption, crimes, and criminalities.”

Gathy argued that “Tinubu is just there because of entitlement and personal aggrandizement. He has no plans. I hope you (Atiku) and Peter Obi can come together to alleviate our suffering.”

Calling Tinubu’s FX policy “a recipe for disaster,”  Shafii Hamidu noted that the Nigerian leader is “cooking up cocktails of hardship and poverty while telling us to trust the process.”

While Sheikh Abdullah opined that “Tinubu has nothing to offer; his administration is a total failure,” Ukula Titus argued that “Tinubu’s regime will not do anything positive that will favor Nigerians, believe me.

“His 4 years are already a waste. For instance, what was his manifesto? Nothing.

“He said it’s his turn. He wasn’t coming to fix any problems but to add more problems to Nigerians.”

Nigerians blast Tinubu as Atiku berates president over fluctuation of Naira, poverty

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Just in: Factional Zamfara assembly leaders want governor to represent budget

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2 days ago

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April 24, 2025

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Just in: Factional Zamfara assembly leaders want governor to represent budget

A factional House of Assembly has emerged in Zamfara state with members demanding the re-presentation of the 2025 Appropriation Bill by Governor Dauda Lawal.

The group, made up of nine lawmakers who were suspended in February 2024 over allegations of misconduct, conspiracy, and illegal sitting, convened in Gusau, the state capital, and declared the formation of a parallel legislative body.

At the session, the lawmakers elected Hon. Bashir Aliyu Gummi as Speaker of the factional assembly.

During the sitting, the faction addressed several issues, including the state’s deteriorating security situation, economic challenges, and the recent reports of mass sackings within the state civil service allegedly carried out by the Lawal administration.

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The group further demanded that Governor Lawal re-present the 2025 budget, arguing that the process followed in its initial passage was flawed. The governor had originally submitted the N545 billion Appropriation Bill to the widely-known State House of Assembly led by Speaker Bilyaminu Ismail Moriki in December 2024. The bill was passed and signed into law that same month.

Present at Wednesday’s session were Hon. Aliyu Ango Kagara (Talata Mafara South), Ibrahim Tudu Tukur (Bakura), Nasiru Abdullahi Maru (Maru North), and Faruk Musa Dosara (Maradun 1). Others included Bashar Aliyu (Gummi 1), Bashir Abubakar Masama (Bukkuyum North), Amiru Ahmed (Tsafe West), Basiru Bello (Bungudu West), and Mukhtaru Nasiru (Kaura Namoda North).

 

Just in: Factional Zamfara assembly leaders want governor to represent budget

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NLC to IMF: Your reforms inflict hunger, poverty on masses

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2 days ago

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April 24, 2025

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President of the NLC, Comrade Joseph Ajaero

NLC to IMF: Your reforms inflict hunger, poverty on masses

The Nigeria Labour Congress (NLC) has taken a swipe at the International Monetary Fund (IMF) over its policy proposals to Nigeria and other African nations on how to rejuvenate their ailing economies.

Indeed, the NLC pointedly told the IMF that its conditionalities for giving loans to Nigeria and others were inflict pains of hunger and poverty on the masses.

The NLC President, Joe Ajaero, stated this when he received the IMF team team comprising the its Resident Representative for Nigeria, Christian H. Ebeke, and, Axel Schimmelpfennig from Washington, DC.

The purpose of the visit, it was learnt, was to assess how Nigerian workers and the general populace are being affected by the current socioeconomic environment and the hardship resulting from government policies.

The IMF delegation, led by Schimmelpfennig also sought insights from the NLC regarding the state of the labour market in Nigeria. According to them, the information gathered would contribute to the IMF’s annual country report for Nigeria.

Sources at the meeting disclosed that the IMF team acknowledged that the Nigerian government has been grappling with fiscal challenges since assuming office.

They emphasized that the IMF’s recommendations are purely advisory and not mandatory, based on the prevailing realities in each country.

The delegation expressed concern that, often, governments do not follow the IMF’s recommendations to the letter, instead adapting them to align with political objectives. In effect, the IMF attempted to distance itself from the adverse consequences of some recent economic reforms in Nigeria.

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Nevertheless, the IMF team requested continued engagement with the NLC going forward.

Ajaero made it clear that governance should prioritize citizens’ welfare over profit-making.

He criticized the austerity measures often recommended by the IMF, noting that they have worsened living conditions for Nigerians.

It was gathered that Ajaero particularly highlighted the removal of fuel subsidies, which he said has led to increased suffering, hunger, and poverty among workers and the general population.

The NLC president argued that there was no real subsidy to remove in the first place, as the government was already profiting from crude oil sales.

He described the “subsidy removal” as merely a justification for increasing fuel prices.

He equally questioned the use of the revenue purportedly saved from the subsidy removal, especially since the government continues to borrow heavily.

“He pointed out that the cost of essential services—such as education and transportation—has tripled, leading to widespread hardship.

He condemned the growing disparity between the worsening living conditions of citizens and the increasing wealth of government officials.”

Ajaero emphasized that genuine reforms should improve the welfare of the people, not enrich those in power.

He also criticized the government for not consulting key stakeholders before implementing the subsidy removal policy.

This exclusion, he said, had exacerbated the country’s economic challenges.

He noted that inclusive dialogue could have produced better strategies and outcomes, lamenting that the government has isolated itself from valuable advice.”

On the national minimum wage, the NLC president complained that the N70,000 wage is not being implemented sincerely across all levels of government. Instead, the government has continued to impose additional taxes, worsening the financial burden on citizens.

Ajaero urged the IMF to advise the government to ease this pressure and allow citizens to breathe.

He warned that rising poverty levels could lead to social unrest if left unaddressed.

NLC to IMF: Your reforms inflict hunger, poverty on masses

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‘Enough is enough’, Tinubu directs security chiefs to stop violent attacks

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2 days ago

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April 23, 2025

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‘Enough is enough’, Tinubu directs security chiefs to stop violent attacks

 

President Bola Tinubu has ordered security operatives to end forthwith the violent attacks in some parts of the country, especially in Plateau, Borno, and Benue states.
He gave the directive during a meeting with security chiefs at the State House on Wednesday.
The meeting was attended by Nuhu Ribadu, the national security adviser (NSA); Mohammed Mohammed, director-general of the National Intelligence Agency (NIA); Emmanuel Undianeye, chief of defence intelligence; Oluwatosin Ajayi, director-general (DG) of the Department of State Services (DSS); and Femi Gbajabiamila, chief of staff (CoS) to the President.
Speaking with journalists after the meeting, Ribadu said Tinubu declared that “enough is enough” on the resurgence of violence in some parts of the country.
The NSA said the president directed security chiefs to work with the political authorities in states and at the grassroots level to find a lasting solution to the insecurity.
He said the security chiefs had acted on Tinubu’s previous instructions by meeting with political leaders in the affected communities and states.
The NSA said the meeting offered the security chiefs the opportunity to fully brief the president about the current security situation of the country.
“This time, we were able to sit with him for hours and give a proper briefing. We also took new instructions from him,” he said.
“Insecurity is not only a government problem.
“It also involves the subnational units — the communities, local governments, and especially the governors. The president directed that we work more closely with them.
“Some of these problems are community-related. While not entirely so, that element plays a significant role.
“Mr. President is working hard to ensure that Nigeria enjoys peace and stability. We are not relenting. We will not stop until we get the results he demands.”
On the resurgence of violent attacks in Borno, Ribadu said the terrorists were planting explosives during the period of relative peace in the state.
“This enemy does not give up easily. When there’s peace for a long time, they try to shock the public with an isolated incident,” he said.
The NSA said the security situation in the country is not yet at 100 percent, while noting that there is “significant improvement”.
Since the beginning of the month, many have been killed in some communities in Plateau State.
Benue State has also recorded violent attacks as over 50 people were killed in Ukum and Logo LGAs on April 18.

 

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