Politics
Peter Obi: Dollar has become the underground currency of Nigeria’s economy
Peter Obi, presidential candidate of the Labour Party in the 2023 general elections, has lamented the dollarisation of the Nigerian economy.
In an interview with Arise TV on Monday, October 2,
Obi said that the naira has faded in significance as the use of the dollar in the country has led to unproductivity.
“Dollar has become the underground currency of our economy.
It shouldn’t be. We have a currency called the naira.
All the things people use dollars to do that are not productive should be removed,” Obi said.
“I can assure you that when you remove it, it can strengthen the currency.
Today, even when you want to do party primaries, people share dollars. That is not our currency.
“There should be a stiff penalty in dealing with the issue.
If people earn dollars legitimately, let them spend it the way they want.
However, it has now become a means of corruption and criminality in our system.”
Obi added that the country should work more on exports to strengthen the currency.
Dollarisation is a process by which a foreign currency, in this case the US dollar, circulates alongside or even replaces the domestic currency.
This can happen for a number of reasons, such as economic instability,
hyperinflation, or a lack of confidence in the domestic currency.
What are the implications of dollarisation?
Dollarisation can have a number of negative implications for an economy, including:
- It can make it difficult for businesses to compete with foreign companies, as they will have to pay their workers and suppliers in dollars.
- It can lead to higher inflation, as the government will have to print more money to pay for goods and services that are priced in dollars.
- It can make it difficult for the government to control its economy, as it will be subject to the whims of the US Federal Reserve.
What can be done to address dollarisation?
There are a number of things that can be done to address dollarisation, such as:
Strengthening the domestic currency by making it more attractive to hold and use.
This can be done by reducing inflation, improving economic growth, and increasing confidence in the government.
Imposing restrictions on the use of foreign currencies.
This can be done by limiting the amount of foreign currency that can be held,
exchanged, or used for transactions.
Promoting the use of domestic currencies in international trade and investment.
This can be done by negotiating trade agreements that require the use of domestic currencies and
by providing incentives for businesses to invest in the domestic economy.
It is important to note that there is no one-size-fits-all solution to dollarisation.
The best approach will vary depending on the specific circumstances of each country.
Former Anambra State governor, Peter Obi, has joined Nigerians in celebrating the 42nd birthday of the iconic music duo, P-Square.
Peter Obi took to his Twitter handle on Saturday, November 18, 2023,
to express his admiration for the group’s impact on the Nigerian music scene and
their unwavering commitment to advocating for a better Nigeria.
In his birthday message, Obi lauded P-Square’s ability to entertain,
educate, and inspire Nigerians through their music,
noting that their songs have resonated with people of all ages and backgrounds.
He also commended the group’s active involvement in promoting social change and
their vocal support for the demand for good governance and a more productive nation.
Obi’s message of appreciation for P-Square aligns with the sentiments
of many Nigerians who have grown up listening to their music and
have been moved by their dedication to social activism.
The duo’s music has undoubtedly played a significant role
in shaping Nigerian culture and influencing generations of young people.
As P-Square celebrates another year of life, their impact on
the Nigerian music scene and their contribution to social change remain undeniable.
Their legacy will continue to inspire and entertain for years to come.
and impact our nation and beyond, through your music. You have sincerely joined your voices to that of millions of other Nigerian youths, in demand for better governance and a more productive nation.
— Peter Obi (@PeterObi) November 18, 2023
Politics
Peter Obi is right to criticize the National Assembly for spending N60 billion on the purchase of SUVs for about 400 legislators.
Peter Obi is right to criticize the National Assembly for spending N60 billion on the purchase of SUVs for about 400 legislators.
This is a staggering amount of money, especially considering the fact that
Nigeria is facing a number of serious challenges, including poverty, unemployment, and insecurity.
The purchase of these SUVs is a clear example of the disconnect between the government and the people.
The legislators are clearly out of touch with the reality of the average Nigerian,
who is struggling to make ends meet.
The money that has been spent on these SUVs could have been used
to fund essential services such as healthcare, education, and infrastructure.
It could have also been used to provide relief to the millions of Nigerians who are living in poverty.
Obi’s criticism of the National Assembly is a reminder
that the government needs to be held accountable for its spending.
The people have a right to expect that their tax money
is being used wisely and for the benefit of all Nigerians.
The National Assembly should immediately cancel the purchase of these SUVs and
redirect the money to more important and urgent needs.
The legislators should also be more mindful of the impact of their decisions on the lives of ordinary Nigerians.
The Rivers State House of Assembly complex was set ablaze on Sunday night amid alleged moves by some lawmakers to impeach Governor Siminalayi Fubara.
Sources said that some suspected arsonists gained entry into the complex around 9:30pm and set the building on fire.
The fire destroyed some properties inside the chamber, but no casualties were reported.
The police have confirmed the incident and said that they are investigating the cause of the fire.
However, some sources believe that the fire was a politically
motivated attack aimed at preventing the impeachment of Governor Fubara.
The alleged impeachment plot has been brewing for weeks, and there have been reports of threats
and intimidation against lawmakers who are seen as being opposed to Governor Fubara.
The fire at the Rivers State House of Assembly is a serious escalation of the political crisis in the state.
It is a clear attempt to undermine the democratic process and
to prevent the legislature from carrying out its constitutional duties.
The authorities must take swift action to bring the perpetrators of this attack to justice and
to ensure that the Rivers State House of Assembly is able to function freely.
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