You cannot destroy naira’s value, then claim credit for recovery - Makinde campaign tells Tinubu

The Makinde-Daura Presidential Campaign Organisation has accused President Bola Tinubu of claiming credit for the recovery of the Nigerian naira after his administration's economic policies contributed to the currency's sharp depreciation. The campaign organization stated that Nigerians are still grappling with the consequences of the naira's decline and the rising cost of living, despite a recent improvement in the exchange rate.

In a statement released by its Director of Strategic Communications, Richard Nnanna Ihediwa, the organization argued that a stronger naira is meaningless if citizens cannot afford essential items such as food, medication, and other basic needs. Ihediwa emphasized that the President cannot "preside over the destruction of the purchasing power of our national currency and turn around to seek public applause."

The organization recalled that the official exchange rate was approximately N461 to the dollar when Tinubu took office on May 29, 2023. They attributed the naira's subsequent fall to nearly N2,000 to the dollar to the removal of petrol subsidy and the unification of foreign exchange windows. Furthermore, the campaign organization criticized Tinubu's claim that an exchange rate of N1,340 to the dollar was affordable, stating that the figure failed to capture the economic challenges faced by ordinary Nigerians.