Atiku Criticizes Tinubu’s Forex Policy, Alleging Lack of Planning and Consultation


Former Vice President and 2023 presidential candidate of the Peoples Democratic Party, Atiku Abubakar, has voiced strong criticism against President Bola Tinubu’s handling of the currency swap policy review of the Central Bank of Nigeria (CBN), stating that it was implemented hastily without proper planning and consultation.

Atiku asserted that shortly after Tinubu’s inauguration in May 2023, he reviewed the currency swap policy of the CBN. However, Atiku believes that the application of this policy by the apex bank was too harsh, especially considering the significant number of unbanked Nigerians. He argued that a unified exchange rate, as promised by Tinubu, was meant to power the economy but instead led to inflation and increased hardship in the country.

Expressing his lack of surprise at the negative impact of Tinubu’s policies on the Nigerian economy, Atiku stated that he foresaw the economic downturn during the twilight of former President Muhammadu Buhari’s administration. He criticized Tinubu for not allowing the CBN to independently design and implement a more effective forex policy that could have alleviated the current economic hardships.

Atiku emphasized the need for the government to open itself to sound advice and address internal issues such as corruption and poorly negotiated foreign loans to begin stabilizing the economy. He also criticized Tinubu’s failure to present concrete policy steps to address the forex crisis and economic downturn during a recent meeting, stating that the administration’s policies continue to cause distress to Nigerians.

Atiku proposed that the government should consider alternative strategies to resolve the crisis and highlighted his own policy prescriptions developed during the previous administration. He urged the government to acknowledge the severity of the situation and take decisive action to rescue the economy from its current state of distress.