2023 Elections: Emefiele Cause of Nigeria’s Fiscal Tragedy? Peter Obi Speaks
- Peter Obi of the Labour Party does not buy the idea that Godwin Emefiele is the cause of Nigeria's fiscal problem
- In Obi's view, the real problem is the federal government's weak structure which has engendered inflation
- The LP presidential flagbearer believes that sacking and replacing the embattled CBN governor will not solve the problem in any way
Peter Obi, the Labour Party's presidential candidate, has reacted to claims and allegations that Godwin Emefiele of the Central Bank of Nigeria (CBN) is behind the country's fiscal predicament.
Giving a speech at Chattam House in the United Kingdom on Monday, January 16, Obi debunked the claim and stated clearly that what is really responsible for the current problem in the sector is the weakness of Nigeria's fiscal space, The Punch reports.
Source: Twitter
The former Anambra governor explained that the said weakness brought about the monetary space issue which he believes is an offshoot of a weak governance structure.
He went on to note that the problem of what he described as fiscal rascality fuelling inflation and poor exchange rate cannot be fixed by replacing Emefiele.
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According to him, nothing can diminish the CBN governor's independence and respect.
His words:
“The CBN governor will maintain his independence, he will be respected. Again, it is not the problem of the person there. Central Bank has a role of monetary policy. Then, you have the fiscal space. It’s like you go to a football match and the person who is supposed to be playing a particular wing is no longer there. You find people playing various wings.
“The weakness of the fiscal space allowed the monetary space to take over... because of the weak governance structure, that is why we are able to do what we are doing.
“Replacing Godwin (Emefiele) and putting somebody else there, with that level of fiscal rascality, which is what is fuelling our inflation and our rate of exchange today… these are some of the things we need to cut. As long as the government continues on that fiscal rascality, our situation will occur.”
Chatham House performance: Former UK ambassador to Nigeria praises Peter Obi
Following Peter Obi's appearance at Chatham House in the United Kingdom where he revealed how he would address the high level of poverty in Nigeria among other challenges, Paul Arkwright, a former UK High commissioner to Nigeria has praised the Labour Party's presidential candidate for his performance.
According to Arkwright the former Anambra state governor has provided practical solutions for Nigeria's many challenges.
Going further, he said Obi's passion for the country and for getting the job done was glaring.
Source: Legit.ng
