LAGOS – The recent comments made by Senate President Godswill Akpabio criticizing the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, have sparked significant backlash, particularly from the Ohanaeze Youths. In a spirited defense of Emefiele's tenure, the youth wing of the influential socio-cultural group accused the Senate President of contributing to economic deterioration through what they termed "legislative recklessness."
During a recent gathering at Ikot Ekpene Stadium, Akpabio addressed his constituents from the Akwa Ibom North-West Senatorial District, marking his tenure as Senate President. He blamed Emefiele for leaving behind a "foamy economy" and a significant deficit in the national treasury. "I still stand by my position," Akpabio asserted, pointing fingers at the former CBN governor for financial missteps.
However, the Ohanaeze Youths countered Akpabio's accusations with a robust defense of Emefiele's policies and leadership at the CBN. In a statement released by Mazi Uzor Azubuike, the group highlighted the stabilization efforts and strategic economic policies implemented under Emefiele's guidance, which they argue bolstered the nation's financial health.
The statement referenced insights from Arize Nwobu, a renowned policy analyst and chartered stockbroker, who lauded Emefiele as a "patriot and consummate professional banker." Nwobu's evaluation of Emefiele's tenure underscored the critical and often challenging role of central banking in developing economies, where central banks perform both traditional and non-traditional roles amid various economic pressures and sabotage from different quarters, including the political class and some financial institutions.
Ohanaeze Youths went further to accuse the National Assembly under Akpabio's leadership of exacerbating the nation's economic challenges rather than addressing them. They brought to light a claim from Senator Ningi, who, in an interview with BBC Hausa, alleged that there was a discrepancy between the budget passed by the legislature and the one being executed by the government, with a mysterious N3 trillion padded into the budget.
This allegation of budget padding, according to Ningi, represents one of the most egregious examples of fiscal mismanagement in Nigeria's history, occurring under Akpabio's watch. The Ohanaeze Youths' statement concluded by calling for Akpabio to issue an apology to Nigerians for the Senate's role in derailing the economic stability fostered during Emefiele's tenure at the CBN.
The clash between legislative leadership and financial governance highlights the ongoing debates and conflicts within Nigeria's political and economic spheres, reflecting the complexities of managing an economy as large and diverse as Nigeria's.
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