New Telegraph

PDP calling for appreciation of naira to fund profligacy–Presidency

…accuses opposition of using banned Twitter to spread false

The Presidency yesterday alleged that the opposition Peoples Democratic Party (PDP) governors were calling for appreciation of Naira against hard currencies in order to satisfy their profligacy and luxury. Responding to criticisms of President Muhammmadu Buhari’s monetary policies recently by the PDP Governors Forum, Senior Special Assistant to the President on Media and Publicity, Malam Garba Shehu, in a statement, said the governors call on the Central Bank of Nigeria (CBN) to recalibrate the value of Naira would damage exports as well as businesses and employment in the country. He also condemned the opposition governors for bemoaning non remittance of revenues into the consolidated revenue accounts by the Nigerian National Petroleum Corporation (NNPC).

Shehu, who said the communique of the opposition governors indicated why Nigerians must not trust them again with political powers anytime soon, said the NNPC, as a trustee of the government must be prudent in the management of national resources.

He pointed out that the NNPC had spent money in subsidy and wondered whether the corporation could spend same money twice. He said: “NNPC is a trustee for the nation – and this means it must manage its finances with prudence and for the long-term to safeguard the financial support it bestows on our country. What the governors are asking of NNPC is to “break the bank” for their own profligate political ends. “Similar profligacy and contradiction are in full view with their call to the Central Bank to appreciate the value of the Naira. This would damage exports – including oil revenues on which NNPC depends – as well as damage small businesses and employment. But an appreciated currency would benefit those spending on luxuries from abroad – this, no doubt, being the leading desire of a typical PDP governor.”

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