You cannot destroy the naira's value and claim credit for recovery: Seyi Makinde tells Tinubu

The Makinde-Daura Presidential Campaign Organisation has criticized President Bola Tinubu, accusing the administration of attempting to claim credit for the naira's recent stabilization following economic policies that initially triggered a drastic depreciation of the currency.

In a public statement issued by Richard Nnanna Ihediwa, the campaign's Director of Strategic Communications, the organization argued that marginal improvements in the exchange rate offer little relief to citizens who continue to grapple with soaring inflation and the high cost of living.

"Mr President, you cannot preside over the destruction of the purchasing power of our national currency and turn around to seek public applause," Ihediwa stated.

The campaign pointed out that when President Tinubu assumed office in May 2023, the official exchange rate hovered around ₦461 to the dollar. Subsequent policy decisions, specifically the removal of the petrol subsidy and the unification of foreign exchange windows, saw the currency plunge toward nearly ₦2,000 per dollar.

The organization further criticized the President's characterization of the exchange rate stabilizing around ₦1,340 to the dollar as manageable or "pocketable," contending that such figures disconnect from the daily financial hardships experienced by ordinary Nigerians struggling to afford basic necessities such as food and medication.