Naira gains, losses a product of APC’s ineptitude – Barr. Ezeobika


By Lanre Oloyede

Former National Legal Adviser,
Inter Party Advisory Council of Nigeria, IPAC, Barr. Chukwudi Ezeobika, has blamed the instability in the value of the Naira on the ineptitude of the ruling All Progressives Congress, APC.

In a statement on Sunday, the legal practitioner said while the Nigerian currency is erroneously presumed to, on a daily basis, appreciate against its foreign counterparts, especially the American dollar, the consequent effects of such gains on goods and services are yet to be felt by an average Nigerian.

He noted that the reason for this indescribable phenomenon, just as we have in every sector of the Nigerian economy, is indeed not far-fetched.

“The wilful resolve by the Bola Ahmed Tinubu – led APC government to continually deceive Nigerians amidst the glaring economic recession and crisis.

“It is erroneous to yield to the belief that the Nigerian currency can ever make any gains against the American dollar or its economy relevant in the global stage if the country is unable to produce the basic goods and services required by it, to build and develop its dilapidated and or non-existent infrastructure in critical sectors of the economy such as health, power, transport and agriculture.

“All known indices of economic recession are currently prevalent in the Nigerian economy as can be seen in high and unprecedented costs of goods as well as services and the continued manipulation, by the current administration, of the Nation’s currency, against the will of the Nigerian people.

“The Federal and State agencies saddled with the responsibility of regulating the prices of goods, most especially food items which are basic to an average Nigerian, have become either obsolete or non-existent, hence, the absurdities prevalent in the prices of food commodities such as rice, yam and beans, in most Nigerian markets.

“The current administration has wilfully and consciously chosen to continue the path of its predecessors by propagating ill-conceived social and economic policies and engaging in projects that are purely unconnected and at variance with the well-being of its citizens.

“The Nigerian Legislature ought to, as a matter of urgency, re-discover its essence in enacting relevant laws which have direct bearing on the lives of ordinary citizens, re-position itself in its oversight functions and periodically justify the huge budgets passed yearly to maintain the legislative arm of the Nigerian government,” the statement read in parts.