The Makinde-Daura Presidential Campaign Organisation has strongly criticized President Bola Tinubu, accusing the federal administration of trying to take credit for the recent stabilization of the naira after introducing reforms that initially caused a massive depreciation of the local currency. Through a public address released by Richard Nnanna Ihediwa, who serves as the campaign's Director of Strategic Communications, the political group argued that slight gains in the exchange rate provide virtually no comfort to everyday citizens burdened by skyrocketing inflation and crippling living expenses.
What did the campaign organization say regarding the economy?
"Mr President, you cannot preside over the destruction of the purchasing power of our national currency and turn around to seek public applause," Ihediwa remarked, criticizing the narrative pushed by the government.
The campaign highlighted that upon President Tinubu taking office in May 2023, the official foreign exchange rate was approximately ₦461 per dollar. Following sweeping policy changes—namely the termination of the petrol subsidy and the consolidation of foreign exchange markets—the naira tumbled dramatically toward nearly ₦2,000 to the dollar.
Why are critics dismissing the current exchange rate?
The organization also took issue with the administration's description of the exchange rate settling around ₦1,340 per dollar as acceptable or manageable, asserting that such official optimism is grossly disconnected from the harsh economic realities faced by ordinary Nigeria residents who find it increasingly difficult to purchase essential goods like food and pharmaceutical drugs.