- Peter Obi of the Labor Party does not buy the idea that Godwin Emefiele is the cause of Nigeria’s fiscal problem
- In Obi’s view, the real problem is the weak structure of the federal government that has generated inflation.
- The LP’s presidential standard-bearer believes that firing and replacing the embattled CBN governor will in no way solve the problem.
Peter Obi, the Labor Party’s presidential candidate, has reacted to claims and accusations that Godwin Emefiele of the Central Bank of Nigeria (CBN) is behind the country’s fiscal situation.
Giving a speech at Chattam House in the UK on Monday, January 16, Obi debunked the claim and stated clearly that what is really responsible for the current problem in the sector is the weakness of Nigeria’s fiscal space, The Punch reports.
The ex-governor of Anambra explained that such weakness caused the problem of the monetary space that he believes is a consequence of a weak government structure.
He went on to say that the problem of what he described as fiscal mischief fueling inflation and a poor exchange rate cannot be solved by replacing Emefiele.
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According to him, nothing can undermine the independence and respect of the CBN governor.
“The CBN governor will maintain his independence, he will be respected. Again, it is not the problem of the person who is there. The Central Bank has a monetary policy role. Then, you have fiscal space. It’s like you go to a football game and the person who is supposed to play a particular wing is no longer there. You find people playing various wings.
“Weak fiscal space allowed monetary space to take over… because of the weak governance structure, that’s why we can do what we’re doing.
“Replacing Godwin (Emefiele) and putting someone else in there, with that level of fiscal mischief, which is what is fueling our inflation and our exchange rate today… are some of the things we have to cut. As long as the government continues with this fiscal mischief, our situation will be given”.
Chatham House performance: Former UK Ambassador to Nigeria praises Peter Obi
Following Peter Obi’s appearance at Chatham House in the UK, where he revealed how he would tackle Nigeria’s high level of poverty, among other challenges, Paul Arkwright, former UK High Commissioner to Nigeria, praised the Labor Party presidential candidate for Its performance.
According to Arkwright, the former governor of Anambra State has provided practical solutions to Nigeria’s many challenges.
Going further, he said that Obi’s passion for the country and for doing the job was evident.