STATE HOUSE PRESS STATEMENT

ONCE AGAIN, FORMER VICE PRESIDENT ATIKU ABUBAKAR GOT IT WRONG

Former Vice President, Atiku Abubakar, in an attempt to rubbish the foreign exchange policy of the Tinubu administration got his facts muddled up again. He also failed to prescribe a better Policy Option to what Governor Olayemi Cardoso and his team are executing at the apex bank.

First of all, it was not true that President Tinubu’s meeting last Thursday with the 36 State Governors was centred on discussing foreign exchange crisis and currency fluctuation.

What was discussed in the main was food supply and how to drastically reduce the food prices. The Minister of Information, Alhaji Mohammed Idris, gave a briefing about the meeting, revealing the highlights to State House Correspondents.

One was that the meeting established a nexus between the state of security and the rising cost of food. Another was that hoarders are warehousing food, creating artificial scarcity and thus enabling the high cost of food items.

The decisions at the meeting reflected the main points discussed: Forest rangers are to be strengthened and armed, while police are to recruit more men and the National Economic Council to deepen discussions about creating state police.

President Tinubu also affirmed his approval for the release of 42,000 Metric tonnes of grains from the national reserve. Government is also in discussion with rice millers to get another 60,000 metric tonnes. President Tinubu said he does not support price control and importation of food. Nigeria, he believes, can grow enough food to feed its citizens and spare some for export.

The present government is executing the cultivation of 500,000 hectares for wheat, maize, and rice, in many states. Governors are expected to participate in this programme, one of the reasons for last Thursday’s meeting.

There was no deliberation as former VP Atiku claimed on currency fluctuation. As Alhaji Atiku should know, this is the business of the Central Bank, which has the autonomy to handle the country’s monetary policies. As a matter of fact, the President enjoined the governors, in passing, to allow the CBN do its work and refrain from dabbling into what is within CBN’s purview.

If he would be true to himself and what actually transpired at the meeting, unlike the lies he spewed, 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/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.

Capital importation into the country is increasing, according to the latest NBS report. In the fourth quarter of 2023, Nigeria recorded a 66.27 percent increase in capital inflow, compared with Q3, before Cardoso’s arrival at CBN. In Q3, capital inflow was $654.65 million. It rose to $1.09 billion in Q4.

Alhaji Atiku will agree that the rise in capital inflow suggests massive investors' confidence in Nigeria and the policy direction of the Tinubu administration.

Juxtaposed with the policy options being implemented by the CBN, 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 powers.

Bayo Onanuga
Special Adviser to the President on Information & Strategy

February 18, 2024

Previous Thread:
https://www.nairaland.com/8004351/tinubus-naira-floating-ill-advised-atiku

Grieves and Bitterness can be detrimental

bayo is a cheap revisionists

Bayo ofafuga.

It seems you know too much. Better channel this great knowledge about capital importation to the dunce of your master Tinubu.

You don't need this tinubulated helter skelter of replying Atiku who is not even in the government of Stolen mandate.

Your balablu Boss needs the capital importation theory inside his dead brain, to make Nigerians believe he did not önly come to snatch, grab and run away

Circus clowns

The kain beating this Onanuga go soon get...

Amoda Tinimbum Means well for Nigerians. Legendhero, yarimo, freestuffng, manavulturegrils and the host of e rats can confirm it. Tinimbum a well known drug lord built Lagos, he's building Nigeria, please let's give him more time, it takes time for this reforms to manifest because there so big that our eyes cannot see them. Chicago kingpin till 2031

Otilo🔴

Kenochi:
I am really loving the healthy discussions going in Nigeria,for the first time in our Democracy we are beginning to see our leaders play the role of true opposition
Democracy is built on ideas and not just talking about problems without giving constructive solutions,the Government is on their feet and they are responding to the opposition's statements
Coming to the issue at hand,the truth is that if you sincerely take your time to look at all the presidential candidates,their manifesto was almost similar,the only difference was perhaps in the pace of implementation

As for me,I will continue to insist that this Government must look at the possibility of devolving more power and more funding to the states and Local Governments
The kind of Federalism we practice is very suspect, Asiwaju should go back to the policies he fought for between 1999 to 2007
He took the Federal Government of Obasanjo to court so many times because he wanted more powers to the states,he created more Local Governments because he wanted governance to be more closer to the people
He fought the federal government on taxes,state police and even Roads across the state
The Reforms that this Government has started will only work if it becomes more comprehensive,it is not about increasing money to the states,it should go the whole hog and start reducing the powers of the Federal Government and allow States and Local Governments become the engine room for the growth of our Economy

Kindly visit my signature for good properties at Ibeju Lekki Industrial Hub

what is wrong with the type of federalism Nigeria practices?

is the type of federalism Nigeria practices the reason for the backwardness Nigeria is experiencing?

Atiku and Peter Obi are just doing what opposition politicians do everywhere. They will try to find any fault in Govt's actions and try to make a hill out of a mole. It's their way of trying to stay relevant for the next election.
We know their tactics and we are not bothered.
If in 4 years, Tinubu's policies are not yielding the desired results then people should vote him out.
I am confident that in 4 years, Tinubu will be reelected.

You all thought it is by playing the ethnic and religious card in politics. The almiighty builder of Lagos and magician extraordinary is empty. How come he became empty after turning Lagos to paradise. How come Tinubu, with all his supposed paper qualifications and experience doesn't even have any economic plans before coming out to contest. " Na statistics we go chop" It's a shame. Shame to Nigerians who sold their birth right because of ethnicity and religion to vote, collaborate and rig in a failure.

Mr Bayo, please don't stress yourself because even if you don't spread your propaganda Nigerians will still vote for your oga in 2027. They will go out with empty stomach, hungry, weak and frustrated, yet they will vote Tinubu. Nigerians are the most foolish people to walk this earth.

well my own is that dollar must hit $5000 before 2027.just imagine if tinubu didn't become president now some idiots will remind me how he built Lagos from water.i told you guys to leave all this old generation corrupt thieves they have nothing to offer.nigerian president should not be more than 70years,50-65 should be the best age. any criminal more than that age want to use presidency as retirement package

COMRADES, Onanuga said that capital importation is increasing
My question is that
Are the masses feeling the impact?/ in what way is it impacting the masses?
It is obvious that this is nothing but a media or APC's increment or propaganda

Bayo Onanuga your 🥁 is noisy and the villagers are not move.

Dis Onanuga dey sniff with e master Tinubu

Atiku, wake up... your time has expired

Nigeria will be great, but if you have contrary opinion you will never live to witness the greatness….

The only thing increasing in this period of TUNUBULATION is hunger. They keep deceiving us with hopeless statistics. Shege banza danboroba promax is coming very soon.
On tulumbu mandate we stand gidigba

Nvestor02:
Atiku is a loser.

he's still bigger than ur entire generation put together...

Chai..



Lobartorn!!

Ononuga, u dey craze.

Na Atiku cause hunger for the land?

Kenochi:
I am really loving the healthy discussions going in Nigeria,for the first time in our Democracy we are beginning to see our leaders play the role of true opposition
Democracy is built on ideas and not just talking about problems without giving constructive solutions,the Government is on their feet and they are responding to the opposition's statements
Coming to the issue at hand,the truth is that if you sincerely take your time to look at all the presidential candidates,their manifesto was almost similar,the only difference was perhaps in the pace of implementation

As for me,I will continue to insist that this Government must look at the possibility of devolving more power and more funding to the states and Local Governments
The kind of Federalism we practice is very suspect, Asiwaju should go back to the policies he fought for between 1999 to 2007
He took the Federal Government of Obasanjo to court so many times because he wanted more powers to the states,he created more Local Governments because he wanted governance to be more closer to the people
He fought the federal government on taxes,state police and even Roads across the state
The Reforms that this Government has started will only work if it becomes more comprehensive,it is not about increasing money to the states,it should go the whole hog and start reducing the powers of the Federal Government and allow States and Local Governments become the engine room for the growth of our Economy

Kindly visit my signature for good properties at Ibeju Lekki Industrial Hub

With all this long epistle, you ended up making no sense. You cannot give what you don't have. Tinubu is empty, empty than Dundee Buhari. Nigeria is fast sinking.

politicoNG:


Previous Thread:
https://www.nairaland.com/8004351/tinubus-naira-floating-ill-advised-atiku

QUESTION: Between when he gave the approval for the release of grains and now, has the grains been released?

Don't know why I keep having this feeling that it's an audio grain

Atiku own better say him de talk.
That Agulu fraudster no kuku know whether na correct decision to float the naira or not.

Him own na to wait see the outcome. If e good e go lock up, if e back fire him go tweet.

Then him dumb followers go de rue missed opportunity to have him as their Lord and personal saviour

Good thing is patriotic and sane Nigerians know say na patch patch economist him be, reason why he was vehemently rejected in the polls that he had to settle for 3rd, despite massive rigging in the South East.

E no go ever better for pandora

I've noticed that the presidency replies Atiku anytime he issues a statement but ignore Peter Obi and his rants

Truly, there are levels to this thing

Instead of them to start working, they are busy defending their nonsense. If Una no fix the economy, na thu.n.der go fire una. Like buhari like tilubulation. Ndi ala, ndi ala

Lying APc


Bunch of roques

Atiku have nothing good to offer Nigerian. Another useless fellow