The Makinde-Daura Presidential Campaign Organisation has accused President Bola Tinubu of taking credit for the recovery of the naira after his administration’s economic policies contributed to the currency’s sharp depreciation.
The campaign organisation said Nigerians were still struggling with the effects of the naira’s decline and rising cost of living, despite the recent improvement in the exchange rate.
In a statement issued by its Director of Strategic Communications, Richard Nnanna Ihediwa, the campaign organisation said a stronger naira meant little if citizens could not afford food, medication and other basic needs.
“Mr President, you cannot preside over the destruction of the purchasing power of our national currency and turn around to seek public applause,” Ihediwa said.
The organisation recalled that the official exchange rate stood at about N461 to the dollar when Tinubu assumed office on May 29, 2023.
It argued that the removal of petrol subsidy and the unification of foreign exchange windows contributed to the naira’s subsequent fall to nearly N2,000 to the dollar.
It also faulted Tinubu’s description of an exchange rate of N1,340 to the dollar as pocketable.
According to Ihediwa, the figure did not reflect the economic difficulties facing ordinary Nigerians.