Tinubu's Support of Central Bank Policy
Senator Bola Tinubu, a former governor of Lagos state and leader of the ruling All Progressive Congress (APC), has taken a strong stance in support of the Nigerian Central Bank's regulations and policies, while acknowledging that these regulations are running counter to the interests of the everyday Nigerian. He has expressed his support of key policies such as the CBN's recolouring of the Naira and the introduction of a cashless society.
Tinubu's Empathy for Nigerian People
Despite his support of the CBN's policies, Tinubu has not shied away from criticizing their impact on the nation, noting that “Nigerians are suffering”. Tinubu has expressed sympathy for the plight of the everyday Nigerian, and has called on the CBN to consider more flexible policies to offset the negative consequences the regulations are having on the citizens.
Tinubu's Suggestions for Improvement
In light of the widespread pain being caused by the CBN's policies, Tinubu has suggested a number of methods for both alleviating the suffering and improving the effectiveness of the policies.
- Introduction of Greater Incentives: Tinubu believes that by introducing financial incentives, more Nigerians will be encouraged to adopt the cashless policy.
- Work on Public Confidence: Tinubu has also highlighted the need to improve public confidence levels in the cashless system, outlining measures such as increased transparency and an improved safety net.
- Build Capacity: Finally, Tinubu has expressed concern with the lack of capacity in the banking sector, and has proposed an initiative to ensure that the sector is sufficiently well-equipped to handle the new regulations.
In sum, Tinubu stands in support of the CBN and its policy decisions, but has expressed the need to ensure that the Nigerian citizens are not adversely affected by it. He has proposed a number of measures to ensure that the full benefits of the policy are enjoyed by all citizens, and that the current difficulties faced by Nigerians are addressed.
Ayo Tinubu, the National Leader of the All Progressives Congress (APC), has said that although he is not against the activities of the Central Bank of Nigeria (CBN), the recent policy implementation by the Nigerian government and the recoloured Naira notes have placed too much of a strain on the population.
Mr. Tinubu made the remarks while speaking at a press conference held in Lagos State. He advised the Nigerian government to focus on the main issue at hand; which is to make the lives of the citizens easier and better. He said that while there have been attempts to keep Nigeria’s economy afloat, the current actions of the government have made life much more difficult for the masses.
Mr. Tinubu argued that the CBN's cashless policy and the incredible devaluation of the Naira have led to excessive hardship for Nigerians, who are already struggling with their daily tasks. Tinubu said that these policies were foolhardy and even suggested that the policies had potentially been implemented to favour those with political connection.
Tinubu added that the CBN's policies were merely a stopgap solution and implored the government to look for better and more efficient ways to help the people of Nigeria. He also noted that everyone should be given the opportunity to save and invest their money so that the nation can move forward economically.
In conclusion, Mr. Tinubu has said that the policies that have been enacted by the Nigerian government had put additional financial strain on the citizens, and he ultimately urged the government to reconsider their actions before making any further moves. He also promised that the All Progressives Congress (APC) would strive to put in place effective policies that would improve the lives of the people.