Atiku Criticizes Tinubu’s Hastily Forex Policy For Lack Of Proper Planning

Atiku Abubakar, the 2023 presidential candidate of the Peoples Democratic Party, has criticized President Bola Tinubu’s economic policies, particularly the unification of the exchange rate, as being hastily implemented without proper planning or stakeholder consultations. He stated that these policies have led to economic challenges for Nigerians, making it difficult for many to afford essential goods and services.

Atiku noted that during a meeting called by Tinubu to address the foreign exchange crisis and economic downturn, Tinubu failed to present concrete policy steps to address these issues, instead asking for more time to develop his administration’s plans. Atiku disagreed with this approach, stating that the wrong policies of the Tinubu administration continue to cause hardship and distress to the economy.

He highlighted that in his 2023 presidential election policy document, “My Covenant With Nigerians,” he pledged to reform the foreign exchange market by eliminating multiple exchange rate windows, which he argued only benefited opportunists, middlemen, and fraudsters. Atiku proposed a managed-floating exchange rate system as a preferred option, where the Central Bank of Nigeria would step in to control and stabilize the Naira’s value.

Atiku criticized Tinubu’s FX management policy, stating that it was hurriedly put together without proper plans or consultations with stakeholders. He argued that the government failed to anticipate or downplay the potential negative consequences of its actions and did not allow the CBN the independence to design and implement a sound FX management policy.