The main opposition party, Peoples Democratic Party (PDP) has called on the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele to resign for putting Nigerian economy in shambles.
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The call was made in a bulletin of the party in its official Twitter Page monitored by SOJ WORLDWIDE, http://www.sojworldnews.com PDP said after their extensive review of Nigerian economy in the last five years, they concluded that the best option is for governor to resign for a nonpartisan technocrat to take over.
“After extensive review of the abysmally poor state of the Nigerian economy in the last five years, The @OfficialPDPNig asks the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, to step aside and allow more competent and less partisan hand to manage the affairs of our apex bank so as to rescue our economy from going comatose.
The @OfficialPDPNig is constrained in the making this demand but given the inability of President @MBuhari to be decisive on matters of state, we are bound to demand Mr. Emefiele’s resignation to save our fiscal system.
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Our position is further predicated on the fact that a 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 as being witnessed in our country under President @MBuhari.
It is very distressing that the CBN under Emefiele, has allowed itself to be bogged down by the repression, corruption and partisanship that pervade the @MBuhari administration with the resultant plunging of our nation into an avoidable economic recession and untold hardship in the last five years.
It is frightening that under this CBN management, our nation is going insolvent with the Federal Government now unable to fulfill some of its major statutory obligations that enhance smooth running of governance.
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The PDP also finds it shocking and very disappointing that the CBN 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 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 galvanizing 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 victimization 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.
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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.
The @OfficialPDPNig stresses that our nation cannot afford another round of restiveness, particularly relating to our banking and finance sector, as such will not augur well with our struggling national economy at this time.
Our party therefore holds that instead of engaging in actions that do not engender hope at this critical time, the CBN, is rather expected to assist government by coming up with policies and programmes that will urgently revamp our productive sector, reposition our economy and provide jobs, employment and gainful economic participation for millions of youths across the country.
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Furthermore, a responsive Central Bank should by now be interested in offering urgent strategies that will buoy up the value of our naira, which has fallen to a devastating N476 to a dollar, thereby wrecking the purchasing power of our citizens under its watch.
The CBN should rather be thinking of ways to improve on our gross domestic produce (GDP), curb rising inflation, check the deplorable depletion of our foreign reserves, end the reckless borrowing by the @MBuhari 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.
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