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From Fred Itua, Abuja
Senator Ned Nwoko who represents Delta North in the upper legislative chamber of the National Assembly, has warned the Federal Government against pegging the exchange rate at N750 to a dollar at official market.
In the 2024 national budget presented to a joint session of the National Assembly by President Bola Ahmed Tinubu, the Federal Government pegged devalued the naira and jerked it up to N750.
In the 2023 budget presented by former President Muhammadu Buhari, the exchange rate was pegged at over N400 to a dollar.
In a statement made available to newsmen, Nwoko warned of the dire consequences the new rate would have on the nation’s economy.
He said the administration of President Tinubu needs to come up with other means of generating revenue, rather than stifling the economy.
He said: “Setting the exchange rate at 750 naira per dollar isn’t good for the economy. It is stifling and harmful to the Naira’s value. That’s why generating revenue within the country is crucial!
“The government needs to find ways to make money within Nigeria, use it wisely, and take care of the people. It’s essential to keep this process as transparent as possible.
“The unveiling of President Bola Tinubu’s 2024 budget proposal brings forth profound concerns and reservations regarding its potential to truly address the pressing needs of the Nigerian populace. The budget, as presented, fails to adequately address critical facets necessary for the welfare of everyday citizens.
“Transparency in project selection and allocation remains a crucial factor. While the call for equitable and sector-aligned projects is commendable, ensuring greater transparency in these processes is vital to guarantee that the projects genuinely benefit the masses and align with Nigeria’s developmental goals.
“The budget presentation fails to offer a clear roadmap on how the outlined allocations and policies directly translate into tangible improvements in the lives of ordinary Nigerians, leaving the populace seeking clarity on the true impact of these proposed measures on their daily livelihoods. Ordinary folks aren’t concerned about the big numbers in budgets; they want to know how it will affect their lives.
“As an advocate for an economy that truly serves the masses, I wouldn’t entirely condemn a government that borrows to provide essential services for their people. However, it’s not just about borrowing money; it’s about generating revenue within the country and making sure it improves people’s lives.”
