* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Sunday, June 15, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    The Iconic Missouri Diner That Gives You A Taste Of Live Entertainment With Your Meal – Yahoo

    Savor Delicious Meals While Enjoying Live Entertainment at Missouri’s Iconic Diner

    Keke Palmer Revealed How She Came Up With Her Son Leodis’ Name – Yahoo

    Keke Palmer Shares the Heartwarming Story Behind Her Son Leodis’ Name

    The Media and Entertainment Deal Machine Is Revving Up – WSJ

    The Media and Entertainment Deal Machine Is Gearing Up for Action

    Op-Ed: Data Storage and Protection in Today’s Media & Entertainment Industry – Sports Video Group

    How Data Storage and Protection Are Transforming the Media & Entertainment Industry

    The Analyst Verdict: PENN Entertainment In The Eyes Of 7 Experts – Nasdaq

    7 Experts Reveal the Ultimate Verdict on PENN Entertainment

    3 Arts Entertainment Expands Into News With Acquisition of OManagement (Exclusive) – The Hollywood Reporter

    3 Arts Entertainment Expands Into News With Acquisition of OManagement (Exclusive) – The Hollywood Reporter

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Editor’s Pick: 9 Books on Technology – The Gospel Coalition

    9 Must-Read Books That Will Completely Transform How You Understand Technology

    New Semiconductor Technology Could Supercharge 6G Delivery – SciTechDaily

    Revolutionary Semiconductor Technology Set to Turbocharge 6G Connectivity

    UTC To Host Quantum Technology Workshop June 23-25 – Chattanoogan.com: Breaking News

    Join the Quantum Technology Workshop This June 23-25!

    Rimac Technology Powers the Bugatti Tourbillon with Cutting-Edge Battery and Powertrain Tech – Rimac Newsroom

    Rimac Technology Drives the Bugatti Tourbillon with Revolutionary Battery and Powertrain Innovation

    “Co-creation” boosts commercial technology for dual-use defense applications – Breaking Defense

    “Co-creation” boosts commercial technology for dual-use defense applications – Breaking Defense

    MSI Viking and Mahr Host Technology Day – WSPA 7NEWS

    Step Inside the Thrilling World of MSI Viking and Mahr Technology Day!

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    The Iconic Missouri Diner That Gives You A Taste Of Live Entertainment With Your Meal – Yahoo

    Savor Delicious Meals While Enjoying Live Entertainment at Missouri’s Iconic Diner

    Keke Palmer Revealed How She Came Up With Her Son Leodis’ Name – Yahoo

    Keke Palmer Shares the Heartwarming Story Behind Her Son Leodis’ Name

    The Media and Entertainment Deal Machine Is Revving Up – WSJ

    The Media and Entertainment Deal Machine Is Gearing Up for Action

    Op-Ed: Data Storage and Protection in Today’s Media & Entertainment Industry – Sports Video Group

    How Data Storage and Protection Are Transforming the Media & Entertainment Industry

    The Analyst Verdict: PENN Entertainment In The Eyes Of 7 Experts – Nasdaq

    7 Experts Reveal the Ultimate Verdict on PENN Entertainment

    3 Arts Entertainment Expands Into News With Acquisition of OManagement (Exclusive) – The Hollywood Reporter

    3 Arts Entertainment Expands Into News With Acquisition of OManagement (Exclusive) – The Hollywood Reporter

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Editor’s Pick: 9 Books on Technology – The Gospel Coalition

    9 Must-Read Books That Will Completely Transform How You Understand Technology

    New Semiconductor Technology Could Supercharge 6G Delivery – SciTechDaily

    Revolutionary Semiconductor Technology Set to Turbocharge 6G Connectivity

    UTC To Host Quantum Technology Workshop June 23-25 – Chattanoogan.com: Breaking News

    Join the Quantum Technology Workshop This June 23-25!

    Rimac Technology Powers the Bugatti Tourbillon with Cutting-Edge Battery and Powertrain Tech – Rimac Newsroom

    Rimac Technology Drives the Bugatti Tourbillon with Revolutionary Battery and Powertrain Innovation

    “Co-creation” boosts commercial technology for dual-use defense applications – Breaking Defense

    “Co-creation” boosts commercial technology for dual-use defense applications – Breaking Defense

    MSI Viking and Mahr Host Technology Day – WSPA 7NEWS

    Step Inside the Thrilling World of MSI Viking and Mahr Technology Day!

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Business

Economic Crisis: We Warned Nigerians About Tinubu – Atiku

February 18, 2024
in Business
Economic Crisis: We Warned Nigerians About Tinubu – Atiku
Share on FacebookShare on Twitter

http://economicconfidential.com/

FIRS

Economic Crisis: We Warned Nigerians About Tinubu – Atiku

At a meeting called at his instance on Thursday to address the Foreign Exchange crisis and the problem of economic downturn, among others, Bola Tinubu failed, yet again, to showcase any concrete policy steps that his administration is taking to contain the crises of currency fluctuation and poverty that face the country.

Rather, he told the country and experts who have been offering ideas on how to resolve the crisis that he and his team should not be distracted and allowed time to continue cooking their cocktail that has brought untold hardship to the people of Nigeria.

I don’t agree with that.

The wrong policies of the Tinubu administration continue to cause untold pain and distress on the economy and the rest of us cannot keep quiet when, clearly, the government has demonstrated sufficient poverty of ideas to redeem the situation.

If the government will not hold on to their usual hubris, there are ways that the country can walk out of the current crisis.

After a careful assessment of the state of our economy at the twilights of the last administration, I knew full well that the economy of the country was heading for the ditch and came up with a number of policy prescriptions that would rescue the country from getting into the mess that we are currently in.

Those ideas, encapsulated in my policy document titled: My Covenant With Nigerians made the following prescriptions:

1. I had signed on to a commitment to reform the operation of the foreign exchange market. Specifically, there was a commitment to eliminate multiple exchange rate windows. The system only served to enrich opportunists, rent-seekers, middlemen, arbitrageurs, and fraudsters.

2. A fixed exchange rate system would be out of the question. First, it would not be in line with our philosophy of running an open, private sector friendly economy. Secondly, operating a successful fixed-exchange rate system would require sufficient FX reserves to defend the domestic currency at all times. But as is well known, Nigeria’s major challenge is the persistent FX illiquidity occasioned by limited foreign exchange inflows to the country. Without sufficient FX reserves, confidence in the Nigerian economy will remain low, and Naira will remain under pressure. The economy will have no firepower to support its currency. Besides, a fixed-exchange rate system is akin to running a subsidy regime!

3. On the other hand, given Nigeria’s underlying economic conditions, adopting a floating exchange rate system would be an overkill. We would have encouraged the Central Bank of Nigeria to adopt a gradualist approach to FX management. A managed-floating system would have been a preferred option. In simple terms, in such a system, the Naira may fluctuate daily, but the CBN will step in to control and stabilize its value. Such control will be exercised judiciously and responsibly, especially to curve speculative activities.

4. Why control, you may ask.

(i). Nigeria has insufficient, unstable, and precarious foreign reserves to support a free-floating rate regime. Nigeria’s reserves did not have enough foreign exchange that can be sold freely at fair market prices during crises.

(ii). Nigeria is not earning enough US$ from its sales of crude oil because its production of oil has been declining. And,

(iii). Nigeria is not attracting foreign investment in appreciable quantities.

These are enough reasons for Nigeria to seek to have a greater control of the market, at least in the short to medium term when convergence is expected to be achieved.

Tinubu’s new policy FX management policy was hurriedly put together without proper plans and consultations with stakeholders. The government failed to anticipate or downplayed the potential and real negative consequences of its actions.

The Government did not allow the CBN the independence to design and implement a sound FX Management Policy that would have dealt with such issues as increasing liquidity, curtailing/regulating demand, dealing with FX backlogs and rate convergence.

I firmly believe that if and when the Government is ready to open itself to sound counsels, as well as control internal bleedings occasioned by corruption and poorly negotiated foreign loans, the Nigerian economy would begin to find a footing again.

Atiku Abubakar
Vice President of Nigeria, 1999-2007.
18th February, 2024.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : EconomicConfidential – https://economicconfidential.com/2024/02/economic-crisis-warned/

Tags: businesscrisisEconomic
Previous Post

Food Inflation and the Agony of Nigerian Masses, by AbdurRaheem Sa’ad Dembo

Next Post

Photos show what the childhood homes of 33 US presidents looked like

UF taps global invasion ecology expert to lead new era of the ISI – South Central Florida Life

June 15, 2025
Saluting excellence in science, math – West Newsmagazine

Saluting excellence in science, math – West Newsmagazine

June 15, 2025
Scientists found the brain glitch that makes you think you’re still hungry – ScienceDaily

Scientists found the brain glitch that makes you think you’re still hungry – ScienceDaily

June 15, 2025
Healthy Lifestyle Lowers Cancer Mortality Risk – Cancer Health

Healthy Lifestyle Lowers Cancer Mortality Risk – Cancer Health

June 15, 2025
World Bank warns the global economy is barreling toward its weakest decade in 50 years – Fortune

Global Economy Braces for Its Weakest Decade in Half a Century, Warns Experts

June 15, 2025
The Iconic Missouri Diner That Gives You A Taste Of Live Entertainment With Your Meal – Yahoo

Savor Delicious Meals While Enjoying Live Entertainment at Missouri’s Iconic Diner

June 15, 2025

Urgent Update: Fourth Emergency Committee Convenes to Address 2024 Mpox Surge with New Temporary Recommendations

June 15, 2025
Democrat Mikie Sherrill and Republican Jack Ciattarelli win New Jersey governor primaries – CNN

Democrat Mikie Sherrill and Republican Jack Ciattarelli win New Jersey governor primaries – CNN

June 15, 2025
Editor’s Pick: 9 Books on Technology – The Gospel Coalition

9 Must-Read Books That Will Completely Transform How You Understand Technology

June 15, 2025
Research Progress and Development Trend of Restoration of Damaged Coastal Wetland Ecosystems in Greater Bay Areas | Newswise – Newswise

Advancements and Future Directions in Restoring Damaged Coastal Wetlands of the Greater Bay Area

June 14, 2025

Categories

Archives

June 2025
MTWTFSS
 1
2345678
9101112131415
16171819202122
23242526272829
30 
« May    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (687)
  • Economy (701)
  • Entertainment (21,604)
  • General (15,393)
  • Health (9,742)
  • Lifestyle (706)
  • News (22,149)
  • People (703)
  • Politics (708)
  • Science (15,919)
  • Sports (21,201)
  • Technology (15,688)
  • World (683)

Recent News

UF taps global invasion ecology expert to lead new era of the ISI – South Central Florida Life

June 15, 2025
Saluting excellence in science, math – West Newsmagazine

Saluting excellence in science, math – West Newsmagazine

June 15, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version