Tinubu Under Fire as Makinde-Daura Campaign Organisation Questions Naira Recovery Claims

The Makinde-Daura Presidential Campaign Organisation has criticised President Bola Tinubu over his administration’s handling of the naira, accusing the government of seeking public praise for the currency’s recent stabilisation despite the sharp depreciation that followed its economic reforms.

The organisation, in a statement issued by its Director of Strategic Communications, Richard Nnanna Ihediwa, argued that the recent improvement in the exchange rate has done little to ease the financial difficulties facing Nigerians, particularly amid rising inflation and the high cost of living.

Ihediwa accused Tinubu of celebrating the naira’s recovery without adequately acknowledging the economic hardship associated with its earlier decline.

“Mr President, you cannot preside over the destruction of the purchasing power of our national currency and turn around to seek public applause,” he stated.

The campaign organisation recalled that the official exchange rate stood at approximately ₦461 to the dollar when Tinubu assumed office in May 2023.

However, following the removal of the petrol subsidy and the unification of the foreign exchange windows, the naira experienced significant depreciation, with the exchange rate approaching ₦2,000 to the dollar at its weakest point.

The group also questioned the President’s description of the exchange rate stabilising around ₦1,340 to the dollar as manageable or “pocketable”.

According to the organisation, such an assessment does not reflect the economic realities confronting ordinary Nigerians, many of whom continue to struggle with the rising prices of essential commodities.

It noted that the cost of basic necessities, including food and medication, remains a major concern for households despite the reported improvement in the foreign exchange market.

The criticism adds to the political debate surrounding the Tinubu administration’s economic reforms, particularly the removal of petrol subsidies and changes to the foreign exchange system, which have generated widespread discussions over their impact on businesses and household purchasing power.