Why I Support Floating the Naira: A Response to Peter Obi’s Approach – Prince Nixon Okwara
By Naomisophyblog
In line with my previous interview in Sun News, where I expressed my firm support for President Bola Tinubu’s policies, I would like to address Peter Obi’s recent comments on what he would have done differently concerning Nigeria’s economic challenges. Obi suggested he would have devalued the Naira and borrowed to defend it. While this might sound appealing to some, history shows that this approach has been tried before and failed. I firmly support the floating of the Naira under Tinubu’s administration, a move that I believe will lead to sustainable growth rather than a temporary fix.
Several past Nigerian administrations have adopted Peter Obi’s strategy of artificially defending the Naira through borrowing. For instance, the administration of Goodluck Jonathan resorted to a similar method, which only depleted foreign reserves and increased national debt without addressing the underlying issues of corruption, poor productivity, and import dependency. The quick fixes of these past governments, including under Sani Abacha’s regime, gave the illusion of stability, but they only postponed the inevitable economic crash that came once the resources to defend the Naira were exhausted.
President Tinubu’s approach, on the other hand, uproots these deep-rooted problems rather than masking them. Floating the Naira is not a short-term, populist solution but a bold move aimed at addressing fundamental economic distortions. By allowing market forces to determine the value of the Naira, Tinubu’s administration is effectively dismantling the structures that have stifled growth for decades. This move encourages transparency and attracts foreign investment, which is vital for reviving Nigeria’s economy. The floating of the currency forces Nigeria to confront its productivity deficit, encouraging the country to focus on self-reliance, local production, and export growth, all of which are necessary for sustainable development.
In contrast, Obi’s suggestion to devalue the currency and borrow money to prop it up would only postpone the country’s financial reckoning. Borrowing more at a time when Nigeria is already overburdened with debt would have been reckless. His approach would have drained Nigeria’s reserves further and kept the country locked in a cycle of debt and dependency, romanticizing Nigeria’s problems instead of fixing them. If Peter Obi had adopted this policy, his administration would have simply kicked the can down the road, leaving the next government with an even worse financial situation.
I also call on Atiku Abubakar to clearly articulate his economic policies, had he won the 2023 election. Nigerians deserve to hear from those who aspire to lead, especially during these challenging times. It is essential to interrogate their ideas and policies, especially when some are attempting to exploit the current hardship to position themselves for the 2027 elections. It is not enough to criticize; Nigerians need to know what tangible solutions these leaders would offer. We must stop falling for populist rhetoric without asking the hard questions.
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Ultimately, I stand firmly behind the policies of President Tinubu’s administration. His decision to float the Naira, among other reforms, is a decisive and long-overdue move to reset Nigeria’s economy. While the transition may be painful in the short term, it is necessary for building a future based on self-sufficiency, innovation, and real economic growth. Unlike Peter Obi’s quick fixes, which would have only postponed our problems, President Tinubu is dismantling the failed structures of the past and reinventing Nigeria for a better tomorrow. This is the kind of leadership we need to move the nation forward.
