Obi Defends Godwin Emefiele, Says CBN Governor Not Responsible For Inflation, Exchange Rate Turmoil
- Peter Obi, Labour Party’s presidential candidate has exonerated Godwin Emefiele from the ongoing fiscal challenges in Nigeria
- Obi said weak governance structure and financial rascality are to blame and not Emefiele
- The LP candidate said he will have a cordial relationship with CBN if elected Nigeria’s president
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The Presidential candidate of the Labour Party, Peter Obi has said Nigeria’s current fiscal problem is not caused by the embattled Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.
Obi said on Monday, January 16, 2023, at Chatham House in the United Kingdom while responding to a question on what his relationship with Nigeria’s apex bank will be.
Source: Getty Images
Inflation reduces marginally
Nigeria’s inflation witnessed a decrease to 21.34 per cent while the naira depreciate to N747 to a dollar at the black market and the official rate was exchanged for N454 per dollar.
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The LP presidential candidate said that Nigeria’s monetary space must take over and support the economy to quell the policy turmoil in the country.
According to Obi, the CBN under him will maintain its independence and be respected, stating that the current woes are not because of the person at the helm of affairs.
Obi outlines CBN's primary duty
Obi said the primary duty of the CBN is not monetary policy monitoring.
According to TheCable, Obi added that Nigeria’s fiscal challenges are caused by a weak governance structure.
Obi added that the root of the problem lies in a weak governance structure.
He said:
“It is because there is a weak governance structure, that is why we are able to do what we are doing today and that is why what is happening is happening.”
“Replacing Godwin Emefiele and putting somebody with that level of fiscal rascality — which is what is fueling our inflation and our rate of exchange today — and as long as the government continues on that fiscal rascality, that situation will occur. That is what you need to fix.”
The erstwhile Anambra State governor said that fiscal shenanigans are visible in the payment of petrol subsidies, saying it is a criminal situation.
He said Nigeria is the only in the world not meeting its OPEC quota because of oil theft, apart from Venezuela due to sanctions.
Obi said:
“Nigeria is today the only oil nation apart from Venezuela, because of sanctions, that is not meeting up its quota because over the years of oil theft, the multinationals have not been investing. Coupled with the theft and everything we are not realising what we are supposed to do,” he said.
“Every other nation that is in the same condition was able to bring down their rates and inflation within this period of the Ukraine war. But we couldn’t take that advantage because of poor management of our own fiscal space which will change with Datti and me.”
Emefiele allegedly planning to resign after return from abroad
Legit.ng reported that the Governor of the Central Bank of Nigeria, Godwin Emefiele will be allowed a safe return to Nigeria so he could resign his position after he was allegedly confronted with evidence of allegations against him, a BusinessDay report stated.
The apex bank’s governor on President Muhammadu Buhari’s entourage to the US-Africa Leaders’ Summit in Washington in December last year.
Emefiele delayed his trip back to Nigeria after Nigeria’s secret police sought a court order to arrest him on charges of fraud and terrorism financing.
Source: Legit.ng
