Ajuri Ngelale, President Tinubu’s Special Advisor on Media and Publicity, has drawn attention to the clear link between the actions of former CBN governor Godwin Emefiele and the nation’s inadequate food supply, which drives up food prices. He claimed that the mishandling of foreign reserves, which were purportedly spent needlessly, is to blame for the naira’s depreciation.
He asserted that various challenges, encompassing the cost of living, food scarcity, and weakened currency, can be traced back to the actions of certain officials within the Central Bank of Nigeria, emphasizing the far-reaching consequences of these decisions on multiple aspects of the country’s current predicaments. He argued that the failures of the past administration have made it difficult for the President to implement some of his renewed hope agenda.
He said in an interview with TVC, ”The actions that were taken by the former CBN governor have a direct correlation and a devastating direct correlation with not just the cost of living crisis that we are facing in the country with respect to the devaluation of the currency.
With respect to the fact that it had a direct bearing on the insufficiency of food in the country which now makes food prices go up. The naira is weak because there were foreign reserves that were frittered away with no good use and no good purpose. You tie all of that together and you will find out that almost ever aspect of what we are facing now ties back to the actions of some officials in the Central Bank of Nigeria.”
