Central Bank of Nigeria's (CBN) governor Godwin Emefiele gives a press conference on the naira devaluation during a media briefing in Abuja on June 15, 2016. Nigeria's central bank said today it will ease currency controls and allow the naira to devalue as the country works to attract investment amid a worsening economic outlook. Central Bank of Nigeria (CBN) governor Godwin Emefiele said in a televised speech from Abuja that the currency market will be "purely market driven". / AFP / PHILIP OJISUA (Photo credit should read PHILIP OJISUA/AFP/Getty Images)
After extensive review of the abysmally poor state of the Nigerian economy in the last five years, The Peoples Democratic Party (PDP) asks the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, to step aside and allow more competent and less partisan hand to manage the affairs of our apex bank so as to rescue our economy from going comatose.
The PDP is constrained in the making this demand but given the inability of President Muhammadu Buhari to be decisive on matters of state, we are bound to demand Mr. Emefiele’s resignation to save our fiscal system.
Our position is further predicated on the fact that a CBN Governor ought to have the competence and courage to offer and implement sound economic policies and check financial excesses, particularly in a situation where the President is not demonstrating a capacity to effectively run a national economy or check corruption and financial recklessness as being witnessed in our country under President Buhari.
It is very distressing that the CBN under Emefiele, has allowed itself to be bogged down by the repression, corruption and partisanship that pervade the Buhari administration with the resultant plunging of our nation into an avoidable economic recession and untold hardship in the last five years.
It is frightening that under this CBN management, our nation is going insolvent with the Federal Government now unable to fulfill some of its major statutory obligations that enhance smooth running of governance.
The PDP also finds it shocking and very disappointing that the CBN abandoned its statutory roles to engage in vindictive clampdown on accounts of private businessmen and had refused to lift such clampdown despite the ruling of court of competent jurisdiction in that regard.
It equally scandalous that the CBN is also engaging punitive freezing of bank accounts of Nigerians for participating in the genuine and peaceful EndSARS protests, at a time it should be galvanizing efforts for solutions to the myriads of economic challenges facing our nation presently.
Such partisan action by the CBN, which had been widely rejected as an act of victimization to economically suffocate Nigerians for calling for good governance, respect for human rights, end to police brutality and manifest slide to lawlessness, is already threatening the stability of our banking sector.
Nigerians, in their objection to the action of the CBN, are already poising to close their accounts and boycott financial transactions with some of commercial banks over the matter.
The PDP stresses that our nation cannot afford another round of restiveness, particularly relating to our banking and finance sector, as such will not augur well with our struggling national economy at this time.
Our party therefore holds that instead of engaging in actions that do not engender hope at this critical time, the CBN, is rather expected to assist government by coming up with policies and programmes that will urgently revamp our productive sector, reposition our economy and provide jobs, employment and gainful economic participation for millions of youths across the country.
Furthermore, a responsive Central Bank should by now be interested in offering urgent strategies that will buoy up the value of our naira, which has fallen to a devastating N476 to a dollar, thereby wrecking the purchasing power of our citizens under its watch.
The CBN should rather be thinking of ways to improve on our gross domestic produce (GDP), curb rising inflation, check the deplorable depletion of our foreign reserves, end the reckless borrowing by the Buhari administration; a situation that has produced a debt burden of N31 trillion; as well as the ongoing mortgaging of our sovereignty to foreign interests.
In fact, under this CBN, with the projected N5.2 trillion borrowing already proposed in the 2021 budget, our nation’s debt will hit a calamitous N36.2 trillion, needless to say that this will plunge our nation into a bottomless pit of economic depression.
The PDP holds that the pandering to partisan and parochial action by the CBN is also responsible for the erosion of investors’ confidence and the dearth of foreign direct investment into our country, leading to a crisis situation in our economy.
Our party therefore asserts that there is no way our economy can be pulled out of the woods under the prevailing situation where the Central Bank under the leadership Godwin Emefiele, has failed to demonstrate the capacity to initiate, articulate and implement policies that will lift the economy, particularly under a manifestly incompetent, parochial and corrupt administration, as we have today in our country.
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