... Commends CBN Fiscal Discipline , Economy Resilience
By Dansu Peter
Convener, SNM,Solomon Semaka who addressed the media in Abuja said the CBN leadership deserves kudos for their superlative economy recovery efforts.
He said as patriotic partners in the Nigerian project and in keeping with our mandate of saving Nigeria from the whims of misinformation, we wish to categorically dismiss the spurious and unfounded falsehood being peddled by Professor Kingsley Moughalu, an erstwhile Deputy Governor at the Central Bank of Nigeria (CBN) and a former Presidential candidate in the 2019 elections alleging that the CBN is illegally printing for the present administration. Nothing can be more misleading than the above allegations. To have come from someone who should know better about monetary policy regulations but who sadly has lost touch with reality is very disturbing. Instead of seeking cheap popularity by fabricating lies, Moghalu should have rather remained quiet rather than advertising his ignorance and thinking Nigerians will believe his kindergarten speculations.
"For a man who could not even win elections in his local government area, Moghalu's attack on the Minister of Finance and the Governor of CBN, Chief Godwin Emefiele does not just smack of childish tantrums but a vain attempt to discredit a government that has clearly managed Nigeria's monetary sector and steered it severally out of the pandemic and post-pandemic recessions that loomed like giant monsters, crippling even the strongest economies around the world. The global energy crisis, the war in Europe and the post-pandemic impacts should be blamed for the inflation and exchange rate crisis and not the team that's working hard to salvage the situation.
"Gentlemen of the press, contrary to Professor Kingsley's assertions, the Minister of Finance has rolled out the best fiscal management policies which are hailed by the IMF and the World Bank and the CBN under Godwin Emefiele has done excellently well in checking the excesses of the ministry of finance and other financial institutions in the country. The current leadership of the CBN into an appendage of the government but an independent statutory body whose duties are well spelt out and is operating wholly without any interference whatsoever.
"Moghalu who is currently jobless might be churning his misleading analysis and unsolicited consultancy services in the hope of clinching the CBN job or even that of the Minister of Finance come 2023 but let him be reminded that whoever wants to be a king does not flog a King. If truly that is what is on his mind, he has failed as Nigerians are learned and knowledgeable enough in global economic situations and dynamics to know what Nigeria is facing is global but will soon be a thing of the past.
"The CBN and the finance ministry, ladies and gentlemen have rolled out several social and economic intervention schemes including the Household and SMEs Targeted Credit Facility, YES Fund and several other financial instruments that have had a direct bearing on households and small businesses. These have helped to locally stimulate the economy and increased our competitiveness in the global arena. Denying this is unpatriotic and sinister, especially that coming from somebody who once tried to rule Nigeria.
"The activities of sponsored agents like Moghalu and Bureau de Change officers and other speculators who try to create panic and loss of confidence in a system that's working and efficient must be rejected. Whatever their motive is, the full arm of the law will soon catch up with them and punish them accordingly. Nigeria belongs to us all, nobody should willingly offer himself to be used to destabilize the country, especially through false alarms and claims. The Nigerian economy is working and very soon we shall overcome the few challenges being experienced as a result of global events beyond our control.
"To put the records straight, current Nigeria's economic team has championed a wide array of reforms in the financial structure of the economy as well as extensive monetary policy reforms. In the same vein, there have been foreign exchange reforms, liberalisation of capital movement and capital market reforms to mention but just a few. To believe the misleading narrative being circulated by enemies of the nation is to give up on a regime that has done so well for its teeming citizens.
"Gentlemen of the press, the onus is on you now to do your duties by informing our patriotic and law-abiding citizens the economy of Nigeria is not damaged and compromised as many might want us to believe but is vibrant and thriving against all odds. We must therefore continue to work with and support the administration of President Mohammadu Buhari to deliver a world-class economy before leaving office" he added
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