Former Senate Leader and Senator representing Borno South, Mohammed Ali Ndume, has commended the initiative of the Bola Ahmed Tinubu administration to embark on a process of de-dollarisation of the economy, describing it as a bold move.
Ndume, in a statement he issued to newsmen on Saturday, said if implemented diligently, it would strengthen the naira and boost transatlantic trades with other nations of the world who don’t depend on the United States dollar.
Checks revealed that de-dollarisation is the significant reduction in the use of Dollars in world trade and financial transactions, decreasing national, institutional and corporate demand for the greenback.
Ndume urged President Tinubu to follow it up to a logical conclusion by making Nigeria join BRICS nations (Brazil, Russia, India, China, South Africa) which have achieved relative success in declining shares of US$ in their cross-border bank claims, international debt securities, and broader external debt.
Ndume said the move will help Nigerian businessmen and women who, for instance, import goods from China to jettison the United States dollar and put less pressure on the naira.
“That policy announced by the administration of President Bola Ahmed Tinubu must be commended. If it is fully implemented, it will drastically reduce the pressure on the naira, and our international businessmen and women who import goods from countries like China will not depend on the United States dollar.
“The policy will also assist the naira in appreciating significantly. This will help us as a country in so many ways. So, I commend the President for taking these economic bold steps at a time like this.”
The former Senate Chief Whip also called on President Tinubu to convene a National Economic Conference, to be handled by Ministry of Budget and Economic Planning; National Economic Adviser and renowned Nigerian economists to proffer home-grown solutions that will assist in rejuvenating the nation economy.
Ndume listed Okonjo Iweala, Oby Ezekwesili, Mansur Muktar, Akinwumi Adesina, Aruma Oteh, Tope Fasua, among others as respected and internationally-acclaimed people that will drive the economic summit.
“This national economic summit should be purely led by these eminent Nigerians, and they’ll come up with recommendations instead of the IMF and World Bank’s prescriptions that are harsh and hard on ordinary citizens. I believe if the recommendations are good, President Tinubu will implement them, and this will help the country in no small ways.”
On the nation security challenge, the lawmaker who recently suggested to the federal government to hire the services of military contractors to wipe out Boko Haram terrorists in Borno State, applauded the federal government purchase of military aircrafts and helicopters for the Air Force to contain bandits and insurgents.
He said: “I must commend the President for approving the purchase of military planes to help in the ongoing war against insurgents. I’m also urging that we buy more attack helicopters to help in this fight.” More troops need to be recruited into the Nigerian Armed Forces and other security agencies. In addition to this, the security forces need to be trained, equipped, armed, and motivated.”
The lawmaker, in the statement, described as masterstroke , President Tinubu rejigging of the Federal Cabinet, and particularly hailed the establishment of the Ministry of Regional Development to oversee all regional commissions in the country.
“More needs to be done because some ministers are still missing in action,” he added.
Ndume hailed the move by President Tinubu to reduce the cost of governance in the face of economic difficulties and urge other arms of government to do the same.
“We saw what President Tinubu did during the week when he rejigged the Federal Cabinet. It was a masterstroke. I’m particularly happy about the establishment of the Regional Development Ministry to oversee and supervise all the various regional development commissions.
“The President also scrapped some Ministries he felt were no longer useful and this is a way of reducing the cost of governance, and President Tinubu is demonstrating that through these bold actions,” he said.
