Ezekwesili Blames Buhari for the Crash of the Naira, Nigeria’s Economy

Former Minister of Education, Oby Ezekwesili, has accused President Muhammadu Buhari of “murdering” the naira and precipitating the last economic recession.

Ezekwesili, now leader of the Bring Back Our Girls (BBOG) group, also accused the president of vacillating on crucial matters affecting the nation’s economy.

She gave the damning assessment while speaking on a programme on Channels Television on Monday in commemoration of Nigeria’s Democracy Day, May 29.

“Timing is everything in economic management,” Mrs Ezekwesili said.

“A decision making that is timely determines what all the other participants in the economy will do. If you lost time, you cannot in anyway, say it didn’t matter. If the bureaucracy is all you need in order to run the economy, then why have political change through election? You don’t need that.”

The leader of the Rec Card movement added that the Buhari-led government took Nigerians to the dark ages of foreign exchange policy regime.

“The exchange policy regime that we have become accustomed to is transparent at all ends because it allows the market to do the adjustments. The president decided to do an exchange policy that took us to the era of import license, a market policy based on command and control.

“By doing so, the president, who said he didn’t want to murder the Naira, ended up murdering the Naira by becoming almost the CBN governor,” she said.

“If you had allowed the market to work, the supply side would have responded. What this government did is to manage the demand side issues with many administrative rules that therefore gave opportunity for the massive corruption that happened in this economy. The exchange policy entrenched corruption and that is not good for productivity.”

Mrs Ezekwesili’s take came after Buhari’s campaign spokesman, Festus Keyamo, exonerated the government of blame in the 2016 recession, saying the country’s foreign reserves at the time couldn’t support it.

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