The federal government says the depreciation of the naira is the “direct consequence of the incomprehensible mismanagement of the economy and the mindless looting of the national treasury” under former President Goodluck Jonathan.
On Friday, the naira exchanged at its worst in history — N260 to $1 — in the parallel market. The parallel rate is considered as the real market value of the national currency.
“If there was still any honour left among thieves, there is no way the leaders of a party under whose watch the nation’s economy suffered a monumental mismanagement and the Central Bank was turned to the ATM or piggy bank of a few people will have the temerity to insult a government that is working hard to turn things around or the citizens who are bearing the brunt of such mismanagement,” Lai Mohammed, minister of information and culture, said in a statement on Sunday.
“It is now clear to all Nigerians that if the PDP had won the last general elections, Nigeria’s economy would not have survived one more month, considering the battering it received under the immediate past administration. It is therefore unconscionable that those who should show contrition and hunker down to avoid public opprobrium are the same ones pointing an accusing finger at the Buhari administration.”
According to Segun Adeyemi, special adviser to the minister, Mohammed described “the comments credited to Ike Ekweremadu, deputy senate president, that businesses might collapse in the next six months because the Buhari administration had mismanaged the economy, as the clearest indication yet that the PDP and its leaders were still in denial about the massive body blows they inflicted on the Nigerian economy.”
Details in THE CABLE
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