₦airaland Forum

Former Labour Party’s 2023 presidential campaign spokesperson, Doyin Okupe, has said the naira would have been N17,000 per dollar at foreign exchange and the price of fuel N4000 per litre without President Bola Ahmed Tinubu’s reforms.

Okupe, who was the spokesperson to ex-presidents Goodluck Jonathan and Olusegun Obasanjo, disclosed this in a recent Arise Television interview.

This comes as Nigerians buy petrol at between N1060 and N1,115 per litre across filling stations nationwide compared to an average price of N254.06 in May last year before fuel subsidy removal.

Also, the country’s foreign exchange rate rose to N1675.62 per dollar on Monday, 25 November 2024, from N463 on June 13, 2023.

The twin factor of Naira depreciation and fuel price hikes has worsened economic hardship for Nigerians as headline and food inflation increased to 33.88 percent and 39.16 percent, respectively, in October 2024.

Reacting to the development, Okupe insisted that if not for the reforms, the economic situation Nigerians face would have been worse.

Bola Ahmed Tinubu has come with very serious reforms to take the country from the situation it has been in for the last 8 to 10 years.

“I heard people complain that the dollar is N1,700; it could have been worse, it could have been N17,000. That fuel is N1,000; it could have been worse; it could have been N3,000 or N4,000 per litre if these reforms had not been in place”, he stated.

Salewa97:
Toh

Doyin Okupe, the former Labour party member who is now a full member of the APC

2cribz:
At 2017 I had 5900.btc was 6700.
By 2018 i sold my btc
By 2024.what ud 1btc. Minus 800 dollars from today's btc.
I n33d to see tinubu direct

obasanjonews:
Doyin Okupe credits President Tinubu's reforms for averting economic disaster, suggesting the naira could have plunged to ₦17,000/dollar and fuel prices soared to ₦4,000/litre without his intervention.

Doyin Okupe, the former spokesperson for the Labour Party’s 2023 presidential campaign, stated that without President Bola Ahmed Tinubu's reforms, the naira would have reached N17,000 per dollar in foreign exchange and fuel prices would be N4,000 per litre.

In a recent interview with Arise Television, Okupe, the former spokesperson for ex-presidents Goodluck Jonathan and Olusegun Obasanjo, revealed this information.

This development occurs as Nigerians are purchasing petrol at prices ranging from N1,060 to N1,115 per liter nationwide. This is a significant increase compared to the average price of N254.06 in May last year prior to the removal of fuel subsidies.

Additionally, the country's foreign exchange rate increased to N1675.62 per dollar on Monday, November 25, 2024, up from N463 on June 13, 2023.

The depreciation of the Naira and increases in fuel prices have intensified economic hardship for Nigerians, with headline inflation rising to 33.88 percent and food inflation reaching 39.16 percent in October 2024.

In response to the development, Okupe emphasized that without the reforms, Nigerians would be experiencing an even more dire economic situation.

Bola Ahmed Tinubu has introduced significant reforms aimed at transforming the country's circumstances from those of the past 8 to 10 years.

"I heard people complaining that the dollar is at N1,700; however, it could have been much worse—imagine if it had reached N17,000. Similarly, although fuel costs are now N1,000 per litre, they might have escalated to between N3,000 and N4,000 without these reforms," he remarked.