“How Floating the Naira Benefits You”: PDP Chieftain Explains Tinubu’s Policy, Taunts Peter Obi
- Reno Omokri, a chieftain of the PDP, has commended President Bola Tinubu's policy of scrapping the multiple exchange rate
- According to the PDP chieftain, the multiple exchange rate is another subsidy that favoured traders and importers like Peter Obi, the Labour Party presidential candidate in the last election
- Omokri noted that the multiple exchange rates practically killed local manufacturers' efforts as they made imported goods cheaper than local ones
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Reno Omokri, a chieftain of the Peoples Democratic Party (PDP), has explained the floating of the naira policy by the All Progressives Congress (APC)-led administration.
President Bola Tinubu had earlier directed the Central Bank of Nigeria (CBN) to scrap the multiple exchange rates that Nigeria operates.
Source: Twitter
On Wednesday, June 15, the apex bank instructed Nigerian banks to trade the dollar at the Investors and Exporters (I&E) rate.
Multiple exchange rate is another subsidy, PDP chieftain explains
Taking to his Twitter page on Friday, Omokri disclosed that the multiple exchange rate is another subsidy in disguise that favoured only the business class.
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Omokri claimed that last year, it was projected that the CBN spent $8 billion in defending the value of the naira artificially, adding that what is being spent on defending the naira against the dollar is more than what Nigeria spends on infrastructure in its yearly budget.
He added that such money leaves Nigeria's economy because it only benefits traders and foreign investors rather than manufacturers.
Ex-Jonathan's aide says multiple exchange rates only favoured people like Peter Obi
The former aide to ex-President Goodluck Jonathan then maintained that such a system killed made-in-Nigeria products because it naturally makes imported goods cheaper than what is being produced locally.
He cited the closure of the Dangote Tomato paste factory in Kano State because the imported ones from Peter Obi, the presidential flagbearer of the Labour Party in the last general election, were cheaper, as a case study.
Omokri said:
"It dissuaded local manufacturing of made-in-Nigeria goods and services because it almost guaranteed that imports would be cheaper. That is why Aliko Dangote had to close his tomato paste factory in Kano because Peter Obi could always import and sell cheaper, substandard tomato paste."
Read the full tweet here:
Appointment: Alake reveals primary duties of new advisers
Legit.ng earlier reported that President Bola Tinubu's new appointee, Dele Alake, has disclosed that he and other new advisers to the president monitor the effectiveness of government policies in society.
Alake said President Tinubu has demonstrated that public trust and confidence can always be won within two weeks of resuming office.
He said the new administration came to a conclusion during a review of one of the policies that have been rolled out so far.
Source: Legit.ng
