Why I’ll Retain Tinubu’s Forex Liberalisation — Peter Obi

The presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has said he will retain President Bola Tinubu’s liberalisation of the foreign exchange market if elected president in 2027.

Obi disclosed this in an interview with Arise TV on Thursday, while explaining his position on the floating of the naira introduced by the Tinubu administration in 2023.

The former Anambra State governor said he would not seek to defend the naira through interventions in the foreign exchange market, but would instead focus on boosting productivity and strengthening the economy.

“It’s floated in naira. I’m not going to defend it, but I’m going to put productivity to make it more valuable to the people,” he said.

Obi also expressed support for the removal of fuel subsidy by the Tinubu administration, which resulted in a sharp increase in the pump price of petrol from about N238 per litre in May 2023 to between N1,310 and N1,350 per litre.

He argued that some of the economic reforms introduced by the Tinubu administration should be retained, but implemented alongside policies that would increase production and improve the value of the naira.

Tinubu’s liberalisation of the foreign exchange market in 2023 led to a significant depreciation of the naira, with the currency falling from about N470 to the dollar to N1,329.21 per dollar.