“You Cannot Destroy the Naira’s Value and Claim Credit for Its Recovery” – Seyi Makinde Tells Tinubu

The Makinde-Daura Presidential Campaign Organisation has criticised President Bola Tinubu’s administration over its handling of the naira, accusing the government of seeking public praise for the currency’s recent stabilisation after policies that contributed to its sharp depreciation.

The organisation made its position known in a statement issued by its Director of Strategic Communications, Richard Nnanna Ihediwa.

According to the campaign group, the recent improvement in the exchange rate has done little to ease the financial difficulties facing Nigerians, as citizens continue to struggle with high inflation and the rising cost of living.

Ihediwa argued that the government should not celebrate the naira’s recent performance without considering the extent of its earlier decline and the impact of the depreciation on ordinary Nigerians.

In his words, “Mr President, you cannot preside over the destruction of the purchasing power of our national currency and turn around to seek public applause.”

The campaign organisation recalled that when Tinubu assumed office in May 2023, the official exchange rate stood at approximately ₦461 to the dollar.

It claimed that subsequent economic policy decisions, particularly the removal of the petrol subsidy and the unification of foreign exchange windows, were followed by a significant decline in the value of the naira, with the exchange rate approaching ₦2,000 to the dollar.

The group also faulted the President’s reported description of the naira stabilising at around ₦1,340 to the dollar as manageable or “pocketable”.

According to the organisation, such a description does not reflect the everyday economic realities of Nigerians, many of whom are still finding it difficult to afford basic necessities, including food and medication.

The campaign group maintained that a marginal improvement in the exchange rate should not be treated as sufficient evidence of economic recovery while the cost of living remains high.

Its criticism comes amid continued public debate over the impact of the Tinubu administration’s economic reforms, particularly the removal of fuel subsidy and changes to the foreign exchange system.

However, the statement represents the position of the Makinde-Daura Presidential Campaign Organisation, which has challenged the administration to consider the broader effect of its policies on Nigerians rather than focusing solely on recent movements in the exchange rate.