It said with the removal, the Nigerian government is $10billion better off.
FT, however, insisted that the government needs to explain how it is going to use the money to improve people’s lives.
“It could make direct payments to the most vulnerable or set out plans to bolster public services such as health and education. So far, it has been silent,” the report said. The report argued that Tinubu has not done enough to explain the “rationale of a policy that, to many Nigerians, seems like the withdrawal of the only thing the state had ever done for them.”
“As petrol prices rise, millions of people – already under pressure from rising food prices – are having to walk miles to work. Changes at the central bank are similarly half-cooked. The removal of Godwin Emefiele, the previous governor, was overdue. But its manner, initially via a charge of firearms’ possession, was odd and smacked of political revenge. More substantively, the new exchange rate regime has yet to be properly explained,” the report added.
