Tinubu’s reforms courageous, ex-SGF Falae declares

Oba Oluyemi Falae has described President Bola Ahmed Tinubu’s floating of the naira and scrapping of multiple exchange rates as one of the most courageous and necessary economic policies ever taken by any government.

Oba Falae, the Olu of Ilu Abo in AKure North Local Government Area in Ondo State, added the President’s exchange rate reforms have repositioned the  economy for greatness.

The one-time Secretary to the Government of the Federation (SGF), stated this yesterday when a delegation from the North under the Arewa Think Tank  visited the Akure home  of  the National Leader of Afenifere, Pa Reuben Fasoranti.

According to the economist, who was also Finance Minister, no country with multiple exchange rates can attract sustainable foreign investment or achieve meaningful economic growth.

“No country with multiple exchange rates is ever going to make it or attract investments from abroad because investors want to be certain what the exchange rate will be – first, when they’re investing, and second, when they’re repatriating”.

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Oba Falae, a former banker, who served in the military government of Gen. Ibrahim Babangida between 1985 and 1993, admitted that although the currency devaluation initially caused hardship, it was a bold and necessary step.

“No government had the courage to touch those exchange rates and remove subsidy on petrol. But Tinubu came on board and had the courage, and he removed them. When he did so, many people screamed because it was painful.

“The price of petrol went up from N800 to N1,200, and the price of everything went up. It was terrible, but what he did was absolutely necessary,” he stated.

He, however, noted that he would have implemented certain mitigating measures beforehand to reduce the negative impact on citizens.

Falae also affirmed that the economy is now improving under Tinubu’s leadership, with food prices stabilising as a result of government interventions.

“The price of food is now coming down, and I am a farmer. This time last year, a truckload of cassava tubers was N450,000; today, it’s N150,000.

“A congo of garri that was N1,500 is now N700, while rice has dropped from N3,500 to N1,500. Nigerians should know that things are getting better under President Tinubu. This is not a theory,” he said.

Falae stressed that basic food items, which constitute the most critical aspect of household expenditure, are becoming more affordable, signaling gradual recovery in the economy.

“Despite the very drastic decisions, the economy is getting better,” he added.

Ardo  Zubairu 
National Secretary 
TInubu Re- Election Project 2027 . Office Phones: 
08033305195
08098885195
07033454053

Follow this link to join  https://chat.whatsapp.com/GGyI5S8pxi78dcZ3fKciGB

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