Tinubu: Emefiele’s Controversial Policies Almost Cost Me Presidency

Shares doubts from inner circle

Again, Akpabio predicts Tinubu’s victory in 2027

Uzodinma: Tinubu’s success, our collective success

Edu: Tinubu’s policies show progress with inflation down, drop in food prices

By Eshioromeh Sebastian, Abuja.

President Bola Ahmed Tinubu, yesterday disclosed how the controversial monetary policies of former Central Bank of Nigeria (CBN) Governor Godwin Emefiele nearly cost him the 2023 presidential election, forcing him to briefly consider abandoning his campaign.

In a touching personal account, President Tinubu, shared an encounter with a close relative during the height of the 2023 naira scarcity crisis, who described their family’s unexpected financial struggles. The relative narrated how even their wealthy uncle, typically insulated from economic hardships, ran completely short of cash when the controversial currency redesign policy left banks unable to dispense money, highlighting the policy’s widespread impact across all social strata.

Spear News reports that November 2022, the former CBN governor, currently facing trial on corruption charges, controversially introduced redesigned naira notes, setting a three-month deadline for phasing out old currency. The timing, just months before Nigeria’s general elections, fuelled speculation that the policy specifically targeted certain political figures, particularly Bola Ahmed Tinubu.

The currency reform had severe economic consequences, with many businesses, especially in rural areas, collapsing entirely while others struggled to survive, often relying solely on electronic transactions to remain operational.

Speaking at a special Iftar dinner at the Presidential Villa yesterday Tinubu recounted a personal encounter during the peak of the naira scarcity crisis, which he described as a politically motivated attempt to sabotage his ambition.

He said, “Those close to me know that the odds were against me. During the campaigns, one of them came to my living room around 3:30 a.m. and said he needed just N50,000 to buy foodstuff for our uncle.

“He told me, ‘The currency is gone because of you. People are jumping over bank counters because there is no cash. Our uncle, a wealthy man, doesn’t even have N10,000 in cash. What are you running for?

“I told him, ‘I am running for President, not for you and our uncle.’ I gave him the N50,000. As he walked out, he turned to me and said, ‘I don’t think you will make it.’ I replied, ‘I will make it,’” Tinubu declared.

He added, “I was amazed. At that moment, I almost dropped the idea of running for President. But thanks to Aminu Masari and all of you who encouraged me.

“When I came to Abuja, Masari told me, ‘I am the Chairman of the North West Group; don’t look back’,” he said.

Further speaking, the President explained reasons why he declared the removal of fuel subsidy during his inauguration.

“On the day of my inauguration, I had to decide on something not originally in my speech, and that was the fuel subsidy removal.

“The hallmark of a great leader is the ability to make the right decision at the right time.

“That was the day I declared that the subsidy was gone. The following day, I was hounded and thoroughly abused in the media. But I stood firm, knowing it was the right thing to do for our nation’s future.” he added.

In a related development, the President of the Senate, Godswill Akpabio, asserted yesterday that President Bola Ahmed Tinubu can remain confident that his second term in office is assured, despite ongoing machinations by opposition factions to displace him in the 2027 elections.

Akpabio offered this reassurance during a special Iftar/Lent dinner hosted by the Progressive Governors Forum (PGF), an event designed to foster camaraderie and reinforce solidarity among governors, members of the National Assembly, ministers, senior government officials, and the leadership of the ruling All Progressives Congress (APC) in Abuja on Wednesday evening. He further expressed unwavering confidence that the APC would secure an even greater number of electoral victories nationwide in the 2027 polls.

Commending Governor Hope Uzodinma and the PGF for orchestrating the occasion, Akpabio urged party stalwarts across the nation to collaborate in pursuit of this shared ambition.

He said: “Can we say amen! We will offer prayers for our party, that yes, indeed, victory shall be ours in 2027. Can we say a loud amen! And we will also pray for Mr. President that his second term is assured. Can we shout a loud amen!

“So, for the party, our governors, you will grow in numbers, you will grow in numbers. On our part in the parliament, ours is to continue to add the numbers to you. We just recently sent one of our own in the Senate to go and take care of Edo State. Is that not a good thing?”

Uzodinma remarked that the occasion allows party stalwarts to pray, reason, and work together in the task of nation-building, adding that all hands must be on deck to ensure the victory of the APC in the 2027 poll.

“Because we practice partisan democracy, and because we produce the government, we must take ownership of the government no matter where we are and where we sit. The success of the government is our collective success. The failure of the government is our collective failure. And the government is like a product,” he noted.

“And all of us are marketing officers that must market this product. So the whole idea behind this… is to once more have a platform to appreciate ourselves, to celebrate our own, because the government is our own.

“So, as we work towards a more prosperous Nigeria, as we confront the challenges of leadership and governance, it is like a sweet and sour soup. Sometimes it is sweet, sometimes it looks bitter and sour, but at the end of the day, it is a food we must all eat.”

The Minister of Finance and Coordinating Minister of the Economy, Chief Wale Edun, maintained that remarkable progress has been achieved due to the bold and courageous decisions taken by the President Tinubu-led administration.

The Minister argued that the drop in the inflation rate and the reduction in the cost of living among Nigerians speak volumes of the progress recorded by the President Tinubu-led administration.

According to him, we are all living it. Inflation is down, food prices are coming down, energy prices are coming down, the exchange rate is stable.

He added, “Those are the things that affect the cost of living that people are feeling. There are other figures and metrics that are behind the scenes. But what matters is how people are feeling, how it is impacting them. And that is why Mr. President continues to make every effort to intervene, particularly on behalf of the poor and the most vulnerable.

“For coming together, Muslim brothers and sisters observing Ramadan, Christian brothers and sisters observing Lent. In brotherhood and in sisterhood, we stand. God will keep us strong, make our party strong, and help us to support, encourage, and work with President Tinubu to make Nigeria strong, make Nigeria great.”

Among the dignitaries at the event were the National Security Adviser (NSA), Malam Nuhu Ribadu, Governors Lucky Aiyedatiwa, Monday Okpebholo, Francis Nwifuru, former Governor Yahaya Bello, former Secretary to the Government of the Federation (SGF), Boss Mustapha, the Deputy Speaker of the House of Representatives, Mr. Benjamin Kalu, the House Leader, Prof. Julius Ihonvbere, 36 states and FCT chairmen of the party, and members of the Dr. Abdullahi Umar Ganduje-led National Working Committee (NWC).