Ndume Backs Tinubu On De-Dollarisation Policy

Senator representing Borno South at the National Assembly, Ali Ndume, has expressed support for the recent de-dollarisation policy introduced by President Bola Tinubu administration, saying it is a move “in the right direction.”

Ndume, a former Senate leader, commended the initiative, emphasising its potential to strengthen the naira and enhance trade with countries that do not rely on the US dollar.

He urged President Tinubu to see the initiative through by considering Nigeria’s membership in the BRICS group (Brazil, Russia, India, China, South Africa).

In a press statement yesterday, Ndume explained that de-dollarisation involves seeking alternative methods for conducting international trade and reducing dependence on the dollar as the primary global reserve currency.
He noted that this policy would benefit Nigerian entrepreneurs, particularly those importing goods from China, by allowing them to move away from using the US dollar, which would help alleviate pressure on the naira.

“This policy, announced by President Tinubu, deserves commendation. If fully implemented, it will significantly reduce pressure on the naira, allowing our international traders to operate without relying on the US dollar. This initiative will also facilitate a substantial appreciation of the naira, benefiting the country in numerous ways,” Ndume stated.

The senator also called on President Tinubu to convene a national economic conference involving the Ministry of Budget and Economic Planning, the national economic adviser and respected Nigerian economists to develop home-grown solutions to the nation’s economic challenges.

He mentioned notable figures such as Ngozi Okonjo-Iweala, Oby Ezekwesili, Mansur Muktar, Akinwumi Adesina, Aruma Oteh and Tope Fasua as potential leaders for the economic summit.

“This national economic summit should be led by these distinguished Nigerians who can propose recommendations that are more beneficial than the often harsh prescriptions from the IMF and World Bank. I believe that if these recommendations are sound, President Tinubu will implement them, leading to significant improvements for our country,” Ndume added.

Additionally, the senator commended President Tinubu for enhancing the Air Force’s capabilities by acquiring new military aircraft and helicopters to support operations against insurgents.