The presidency issues a cautionary statement to former Vice President Atiku Abubakar, urging him against negative assumptions about the economy. The Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, counters Atiku's claims on decisions made at a meeting between President Bola Tinubu and state governors. Onanuga emphasizes that Atiku failed to propose a better policy option to the measures implemented by the Central Bank of Nigeria Governor, Olayemi Cardoso, and his team. The presidency clarifies that the meeting primarily focused on addressing food supply challenges and reducing food prices, refuting Atiku's assertions about currency fluctuation deliberations.
Onanuga highlights the nexus between security, rising food costs, and hoarding practices contributing to artificial scarcity. The meeting discussed strengthening Forest rangers, police recruitment, and the potential creation of state police to address the food crisis. The president approves the release of 42,000 metric tonnes of grains from the national reserve, with ongoing discussions for an additional 60,000 metric tonnes from rice millers. President Tinubu expresses his belief in Nigeria's capacity to grow enough food for its citizens and potentially for export, emphasizing ongoing agricultural initiatives. The presidency refutes Atiku's claims of deliberations on currency fluctuation and asserts the autonomy of the Central Bank in handling monetary policies. Onanuga commends the positive results of the CBN's policies, citing increased capital importation as a sign of investors' confidence in Nigeria's direction under the Tinubu administration.
He concludes by pointing out that Atiku's proposed alternative of a controlled floatation of the Naira aligns with the policy implemented by Godwin Emefiele, which led to significant spending to stabilize the Naira and allowed arbitrage to continue unhindered.
