• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Saturday, June 7, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Atiku’s Claims On Naira Policy Preposterous – Presidency

by Jonathan Nda-Isaiah
1 year ago
in News
Atiku
Share on WhatsAppShare on FacebookShare on XTelegram

The presidency has strongly refuted claims made by former Vice President Atiku Abubakar regarding the government’s economic policies and Central Bank of Nigeria (CBN) operations.
In a statement released by the special adviser to the president on information and strategy, Bayo Onanuga, the presidency dismissed Atiku’s allegations that a meeting between President Tinubu and state governors focused on foreign exchange fluctuations.

Advertisement

Onanuga insisted discussions centred on food supply and security issues, with decisions made to release grain reserves and boost local agriculture.
He denied any talks on currency volatility as alleged by Atiku.
He said, “First of all, it was not true that President Tinubu’s meeting last Thursday with the 36 State Governors was centered 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.”
The presidency further rubbished Atiku’s critique of the CBN’s foreign exchange management under Governor Olayemi Cardoso.
It stated the bank was successfully implementing policies to stabilize the naira and attract investment.
Onanuga highlighted latest figures showing a 66 per cent increase in capital inflows in the last quarter of 2023 since Cardoso’s appointment.

He said this signalled renewed confidence in the economy and the administration’s policy direction.
In contrast, the presidency criticized Atiku’s proposal for a “controlled float” of the naira. It equated this to the wasteful defending of the currency under the previous administration, enabling arbitrage and round-tripping.

“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.

RELATED

Justice Uwais: Nigeria Lost Statesman Of Unimpeachable Character, Say Northern Senators

Justice Uwais: Nigeria Lost Statesman Of Unimpeachable Character, Say Northern Senators

17 minutes ago
Easter: CAN Urges Genuine Commitment To Common Good From Political Leaders

Eid-el-Kabir: CAN Preaches Unity, Support For Flood Victims

24 minutes ago

“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,” he added.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

START EARNING US DOLLARS as a Nigerian ($35,000) monthly. Companies are sacking their workers due to AI (artificial intelligence), business owners are in panic mode. Only the smart will make it. Click here


Tags: Atiku Abubakar
SendShareTweetShare
Previous Post

EDO GOVERNORSHIP PRIMARY…How Presidency Arm-twisted APC Leadership, Others

Next Post

Oil Theft: Police Invite 3 Indians Over Arrested Vessel

Jonathan Nda-Isaiah

Jonathan Nda-Isaiah

You May Like

Justice Uwais: Nigeria Lost Statesman Of Unimpeachable Character, Say Northern Senators
News

Justice Uwais: Nigeria Lost Statesman Of Unimpeachable Character, Say Northern Senators

2025/06/07
Easter: CAN Urges Genuine Commitment To Common Good From Political Leaders
News

Eid-el-Kabir: CAN Preaches Unity, Support For Flood Victims

2025/06/07
Why We Established ‘Discoverer Nigeria’ News Platform — Editor
News

Why We Established ‘Discoverer Nigeria’ News Platform — Editor

2025/06/07
Birnin Kebbi LG Distributes 7,200 Foodstuff To 51 Wards
News

Lawmaker Orgainses Training For Rice Farmers In Kebbi

2025/06/07
Death Toll Rises To 7 In Bauchi Zakat Collection Stampede
News

Bauchi Govt, Tertiary Institutions Sign MoU On New Salary Structure

2025/06/07
Kwara Man Takes ‘Colo’, Jumps Into Well After Returning From Eid Prayer, Dies
News

Kwara Man Takes ‘Colo’, Jumps Into Well After Returning From Eid Prayer, Dies

2025/06/07
Leadership Conference advertisement

LATEST

Justice Uwais: Nigeria Lost Statesman Of Unimpeachable Character, Say Northern Senators

Eid-el-Kabir: CAN Preaches Unity, Support For Flood Victims

Why We Established ‘Discoverer Nigeria’ News Platform — Editor

Lawmaker Orgainses Training For Rice Farmers In Kebbi

Bauchi Govt, Tertiary Institutions Sign MoU On New Salary Structure

Kwara Man Takes ‘Colo’, Jumps Into Well After Returning From Eid Prayer, Dies

Osimhen Accepts Al Hilal Offer, Agrees Personal Terms With Saudi Club

NUJ Condemns Death Threat Against Adamawa Council Chairman

Ronaldo Turns Down Offers To Play At Club World Cup

Tinubu Mourns Boxing Legend Nwankpa

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.