SDP’s Adebayo charges CBN over currency control promise stronger institutions
Presidential candidate of the Social Democratic Party’s (SDP) Prince Adewole Adebayo, says his administration will focus on creating powerful institutions that will aid in limiting governmental excesses.
At a Town Hall Meeting titled “Building Nigeria’s Steel, Petrochemical, and Agroallied Industries,” which was hosted by media giant Arise Television, he made this bold declaration as a guest.
He said that this was nothing new because Alhaji Tafawa Balewa, the country’s then-prime minister, included it in the first development plan for the years 1960 to 1965.
As part of the “import substitution program,” which aimed to lessen the importation of those minerals, Prince Adebayo noted that these plans gave rise to the development of the Ajaokuta Steel Plant, Ajala Steel, and other companies.
He added that the First Republic’s accomplishments were a result of public servant discipline, clearly defined objectives, and a powerful Central Bank of Nigeria (CBN).
The legal practitioner turned politician claimed that the CBN was so powerful that the bank’s former governor stopped General Yakubu Gowon, the country’s head of state at the time, from using money to buy ammunition for the Civil War.
The CBN is currently too weak to stand up to the current administration, and a large portion of the proceeds from the sale of crude oil are missing and unreported.
Addressing the solutions, he stated: “We already have the solution, but I need to establish a government that will make things function. To make it work, the CBN will have complete control over the amount of money in circulation, the price of money, and inflation.
In terms of money spent, my government would also be answerable to the people. In order to sort out deteriorating and unfinished projects, we will also establish project management.
We’ll achieve this by developing an economy that will draw capital to finish those projects and provide a stable exchange rate.
Additionally, he pledged to lower unemployment rates, keep inflation at single digits, and build a social system that will thrive on brains.