Naira redesign: ADC presidential candidate knocks Buhari, says nation in final plunge

As reactions continue to trail the planned redesignation of a naira notes by the Central Bank of Nigeria, the Presidential candidate of the African Democratic Congress, Mr Dumebi Kachikwu has accused President Muhammadu Buhari of embarking on ill-time policies that further ground the economy.

Reacting to the announcement to redesign the naira notes by the Central Bank of Nigeria (CBN), governor, Mr Godwin Emefiele, the ADC presidential candidate noted that the value of the nation’s currency and the economy continue to plunge amid the high rate of inflation.

In a weekly interaction with journalists in Abuja, Mr Kachikwu declared that nothing good has been offered by the Buhari-led administration in the last seven years and may not be so before the end of his tenure, wondering that Mr President was setting the highest records of rendering people poor in the nation’s history.

Kachikwu who believed that the naira redesign would not solve any economic issues, but worsening the economic woes of Nigerians, submitted that the policy would only benefit very few individuals.

According to him, “the idea of storing huge sums” of money at home, which occasioned the naira redesign was fallacy pushed to the highest ebb of thinking of some few individuals to serve their selfish interest.

The politician cum businessman called on President Muhammadu Buhari to convene an economic summit where experts would have opportunity to offer their opinion.

Kachikwu said: “As if this is not bad enough, the President continue to kill our economy by introduction of ill-time policies that mostly benefits the few. Millions are being driven into poverty bracket and our middle class have been wiped out.

“One United States dollar today is exchanged for N800 and above. Diesel which most businesses and industries depend is sold for N900 a litre; a bag of local rice sells for N50,000 in some parts of Nigeria; a bag of Dangote Cement retail goes for N4,100. Cement is the building block for construction industry and that construction industry is a key driver of any economy.

“One begins to wonder if government is trying to set up a record of the greatest number of poor people within a shortest period of time.

“How do you explain the timing of the design of the naira. We fail to weigh the prons and cons before taking such decision which further weakens the naira. How many Nigerians actually store money in their homes as it is being speculated. So we further destroy the naira because of few Nigerians. Why can’t security agencies up their games and use legal means to recover the money.

“Who says all monies stored at home is ill-gotten wealth. Besides, they are those who don’t trust banks because of extortion through bank charges. Our economy is in tatters, while managers of our economy fight over who got presidential approval as naira continue to plunge, more businesses will collapse.

“We can’t continue to keep quiet while Mr President continue to pauperise us. I call on President Muhammadu Buhari to convene an economic summit. We will all get involved in that conversation. It is meaningless to talk about 2023 general election when the present realities suggest that we might not have a nation by that time.

“We can’t continue to act as if we don’t know that tens of millions of Nigerians are unemployed. They are daily being impoverished; their plights get worse as our economy get worse. Where is the breaking point?

“Inflation begins from your port. This government is killing small businesses. If the government is serious about strengthening the naira he should out how many new export oriented businesses were funded by Nigerian banks in the last one year. We can’t keep on deceiving ourselves.”

Reacting to the national security issues, the presidential candidate expressed concerns over the terror alert issued by some advanced countries, saying that the development has created panic among Nigerians in the last one week.

He also urged President Muhammadu Buhari to come address reports alleging that some convicted terrorists were released and exchanged with the remaining captives of Abuja-Kaduna train attack.

“It has been an event for the past one week. The security advisory by some of the Western nations and departure of some diplomats with their families ave created panic across the nation. Even though, President Muhammadu Buhari has assured Nigerians that all is well, one begin to wonder what is really happening.

“The President failed to react to rumours that some convicted terrorists were released to secure freedom of the remaining victims of Abuja-Kaduna train attack. Some people accused the President of undermining the effort of our men and women in the field by the release of those who have destroyed our lives. If this is true or not, Nigerians now live in fear of the unknown.

“Our highways are insure as bandits now take on convoys and kill several policemen. If those directly involving in fighting crimes are killed, then who is safe in Buhari’s Nigeria.”