[JUST IN] Ned Nwoko Says Tinubu’s Policies Will Not Work
Ned Nwoko says Tinubu’s policies will not work for some reasons which we’ll highlight here.
Recently, Nigerians have been faced with lots of challenges which have risen up from the significant changes in the economy since President Tinubu resumed his position as the President of the country, Nigeria. These numerous changes ranges from the removal of Fuel Subsidy, Currency Adjustments, the decline in Naira Value and much more.
It was claimed that these numerous changes were initially introduced with the aim of improving the Nigerian’s economy. However, Ned Nwoko says these policies cannot pull Nigeria out of its current economic crisis which indicates it will only worsen the situation.
Ned Nwoko is a well-known Nigerian senator, businessman, lawyer, and philanthropist with a strong focus on projects development in the country. He claims to draw his insights from his years of experience this his criticism on Tinubu’s policies has been claimed to be borne from his deep vision for a better Nigeria.
President Bola Tinubu’s administration has so far (in such a short time) brought lots of rising issues including the declining economic changes, extremely high fuel price, currency devaluation, high cost of living and so much more than can be stated. However, Tinubu’s approach is said to be aimed at reducing Nigeria’s dependency on oil opening new sources of revenue.
According to Senator Ned Nwoko, President Tinubu’s policies are potentially misguided. He believes that without a solid foundation and support structures, these ‘misguided’ policies could lead to further economic hardship for average Nigerians.
Ned Nwoko Statements
Ned Nwoko statements – “Our economy as it is, is in tatters. It is in some kind of quagmire. It doesn’t matter how you look at it or policies you’re trying to introduce here and there, nothing will work,”
“Nothing will work as long as we keep tying the exchange rate to our consumption. When we became an independent nation we had naira and our currency was quite strong.
“Then suddenly, we began to have other currencies, dollar, particularly, and pounds and now Euro. There’s no country that I know in the world that has the use of multiple currencies.
“If you go to Britain with the dollar, you must change it at the BDC. You cannot pay for anything with the dollars in the UK. Everybody is paid their salaries in pounds in the UK. The same thing when you go to America. Everybody uses dollars.
“So, for things to work, assuming that we agree to phase out the use of foreign currency in Nigeria, what it means is that if you want to buy oil, gas or gold in Nigeria, it would require you to use only the naira.
“So, if they’re coming from the UK for example, they’d look for Naira so that they can transact because they know they can’t use any other currency.
“Currently, nobody looks for Naira because we’ve made it so easy for them to transact with other currencies. They can come here with any currency and that means effectively, there is no global demand for our Naira. Our money has no value beyond Naira.
“For things to work, we must prevent the use of foreign currencies and then people will start to look for the Naira. When they begin to look for Naira, our currency will appreciate,” he stated.
