President Buhari
Chairman of the Transition Monitoring Group, TMG, Ibrahim Zikirullahi has stated that the continued depreciation of Nigeria’s economy is an indication that President Muhammadu Buhari-led Federal Government has no effective strategy to address the problem.
Speaking with journalists in Abuja, Zikirullahi stressed that though the current economic situation was created by the immediate past administration of the Peoples Democratic Party, PDP, the current administration has no well-articulated policy that will address the problem.
He urged the APC-led federal government to stop experimenting pet economic theories.
According to TMG Chairman, “So far, it is clear that the All Progressives Congress (APC) government of change has no effective strategy to clear the economic mess that was created by the immediate past Peoples Democratic Party (PDP) led government.
“The reality of the absence of a well-articulated and coherent strategy to bring Nigeria out of its current economic doldrums would be seen in the excruciating crunch that is currently subjecting Nigerians to untold hardships.
“Rather than abate, the current economic realities have further accentuated the poverty, which millions of Nigerians in 2015 voted to keep at bay. Demeaning stories of Nigerians who are now forced to engage in theft of cooked food in desperate moves to deal with hunger, calls for urgent attention.
“TMG calls on the Federal Government to discard the endless experimentation based on pet economic theories, which do not reflect the realities of the Nigerian condition. Nowhere is this more apparent than in the current instability and chaos that have characterised the management of the foreign exchange market.
“With so much uncertainty and confusion, the Central Bank of Nigeria has shown very little acumen in being able to stabilise the system. Beyond knee jerk experimentation, the nation’s monetary policy is yet to get any nuanced intervention aimed at calming the market.
“So with each new approach almost on a weekly basis, the Naira on the watch of the current monetary policy makers, slides further, with dire implications for the purchasing power of Nigerians.”
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