Lawmaker Hails President Tinubu’s Bold De-Dollarisation Policy

The lawmaker representing Borno South in the National Assembly, Senator Mohammed Ali Ndume, has hailed the recent bold de-dollarisation policy of President Bola Ahmed Tinubu-led Federal Government, and described it as “right steps in the right direction.”

The former Leader of the Senate, particularly commended the de-dollarisation policy recently announced by the Federal Government, and explained that it will strengthen the naira and boost transatlantic trades with other nations of the world who don’t depend on the United States dollar.

He urged the President to follow it up to a logical conclusion by making Nigeria join BRICS (Brazil, Russia, India, China, South Africa).

He made these remarks in a statement made available to newsmen in Abuja on Saturday.

De-dollarisation is the process by which countries look for alternate methods of conducting international trade and financial transactions and lessen their reliance on the United States dollar as the main global reserve currency.

Senator 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,” Senator Ndume noted.

The ranking senator also called on President Tinubu to convocate 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 the Federal Government.

Senator 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,” Senator Ndume said.

The former Senate Chief Whip, who recently called President Tinubu to hire the services of military contractors to wipe out Boko Haram terrorists in Borno State, hailed the President for equipping the Air Force, by purchasing military planes and helicopters to help them in the discharge of their duties.

Senator Ndume said these planes will be used to provide air support for soldiers and other security operatives, leading the ground offensive against insurgents and other terrorists in the country.

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 the masterstroke of President Tinubu in the 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”. 

Senator 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.

He said the president also scrapped some ministries he felt were no longer useful as a way of reducing the cost of governance.

Lateefah Ibrahim