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Poor economy: PDP demands Emefiele’s resignation as CBN gov

Nigeria’s main opposition party, the Peoples Democratic Party (PDP) is demanding the resignation of the Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, for poor management of the nation’s economy.


PDP National Publicity Secretary, Kola Ologbondiyan, at a press conference in Abuja yesterday, said the party’s demand for Emefiele’s resignation is to save the nation’s fiscal system from collapse.


He noted that CBN under Emefiele has allowed itself to be “bogged down by the repression, corruption and partisanship that pervade the Buhari administration with the resultant plunging of our nation into an avoidable economic recession and untold hardship in the last five years.”


According to him, Nigeria is going insolvent with the Federal Government unable to fulfill some of its major statutory obligations that could enhance smooth running of governance.


Ologbondiyan added that the CBN governor ought to have the competence and courage to offer and implement sound economic policies and check financial excesses, particularly in a situation where the president is not demonstrating a capacity to effectively run a national economy or check corruption and financial recklessness, which he said, is being witnessed in the country under President Muhammadu Buhari.


He stated that a responsive Central Bank should be interested in offering urgent strategies that will buoy up the value of the naira, which has fallen to N476 to a dollar. “The CBN should rather be thinking of ways to improve on our gross domestic product (GDP), curb rising inflation, check the deplorable depletion of our foreign reserves, end the reckless borrowing by the Buhari administration; a situation that has produced a debt burden of N31 trillion as well as the ongoing mortgaging of our sovereignty to foreign interests.


“In fact, under this CBN, with the projected N5.2 trillion borrowing already proposed in the 2021 budget, our nation’s debt will hit a calamitous N36.2 trillion, needless to say that this will plunge our nation into a bottomless pit of economic depression,” Ologbondiyan added.


He noted that the CBN is expected to assist government with policies and programmes that will revamp the productive sector, reposition the economy and provide jobs, employment and gainful economic participation for millions of youths across the country. He alleged that the CBN has abandoned “its statutory roles to engage in vindictive clampdown on accounts of private businessmen  and had refused to lift such clampdown despite the ruling of court of competent jurisdiction in that regard.”


“It is equally scandalous that the CBN is also engaging punitive freezing of bank accounts of Nigerians for participating in the genuine and peaceful #EndSARS protests, at a time it should be galvanising efforts for solutions to the myriads of economic challenges facing our nation presently.


“Such partisan action by the CBN, which had been widely rejected as an act of victimisation to economically suffocate Nigerians for calling for good governance, respect for human rights, end to police brutality and manifest slide to lawlessness, is already threatening the stability of our banking sector.


“Nigerians, in their objection to the action of the CBN, are already poising to close their accounts and boycott financial transactions with some of commercial banks over the matter.”


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