Coalition of Northern Youth Groups to VP Osinbanjo, You are not an Economist.

Abdullahi Isa

The Coalition of Northern Youth Groups. (CNYG) has berates the position of the Vice of the Nigerian Vice President Professor Yemi Osinbanjo calling for the Central Bank of Nigeria to further devalue the nation currency.

The group in a communique issued at Arewa House Kaduna and signed by its Convener Mallam Yusuf Amoke described the move as an ill time for the nation considering the current situation befolding the country economically.

The Vic President is not an economics who rally on economic terms but as a trained Lawyer he is not speaking far away from just administrative terms that may further push the citizenry into another hardship. We need sound and practicable economic Policies that will drive the our country forward. 

The communique read as follows.

A PRESS STATEMENT BY THE COALITION OF NORTHERN YOUTH GROUPS ON THE PROPOSED DEVALUATION OF NAIRA BY MR VICE PRESIDENT AT AREWA HOUSE, KADUNA. 13TH OCTOBER, 2021

YOU ARE NOT AN ECONOMIST Mr Vice President 

We have carefully listened to the position of the vice president and we have critically analysed his positions on monitory polices. His position are limited seeing to the fact that he is not an economists but a lawyer, if the path of the vice president were to be taken, soon the Naira will be no where to be found.

In his presentation and opinion, he opined that the CBN should further devalue the Naira for an economic benefit we are yet to understand. The Naira has lost its value so much such that it does no longer have exchanged value compared to other currency in Africa, most especially our neighbouring countries that we were once better of. The vice president was theb chairman the National Economic Management Team Committe from the beginning of this government up until it was recently dissolved by the President. This action of Mr President must have had alot to do with the poor understanding of the Vice president. To buttress our point, during the period of his lead of the team, dollar was devalued a number of times either deliberately or forcefully by elements of the market, and surprisingly there has been no economic prosperity to commensurate the devaluation of the currency, instead the economy keeps bitting harder.

It is obvious that there is no magic the CBN governor or any other person can do to improve on the economy because the economy is an importation economy, there is less dollar within the system but high demand to import and go for medical and educational tourism. This is because its only oil that brings dollar into the system and unfortunately the subsidy regim and the importation of refined product, further takes away dollar that is suppose to support the economy.

Instead of castigating the CBN governor, he should be hailed for keeping the monitory system afloat despite overwhelming pressure on the dollar.

He stressed that for us to get dollar inflow there is need to devalue the naira to as much as the market determines, which in our opinion is a show of complete ignorant of the economy and its operations. Currencies are devalued where there are things to export from a country in other to make goods and services cheaper to foreigners whom will bring in dollar, if not, it be a temporary enjoyment. 

The VP president made it clear that unemployment, loss of jobs and poor foreign investment inflow are a result of exchange rate. Which in our view, these items most especially unemployment and loss of jobs have little or nothing to do with exchange rate. And it shows the VPs lack of graps and good understanding of the economy. 

On interventions, both CBN and other MDAs have acts and laws that guide their powers, rules, regulations, dos and don'ts. If Mr. Vice President thinks certain things are wrong with the mode or interventions by the CBN, there should be referral to the laws guiding the activities of the bank with respect to those MDAs.

Our position:

1) It is on this bases that we call on Mr. Vice President to keep that opinion of his to devalue the naira to himself and allow the CBN governor and other sister agencies to keep doing what they can to help the economy. 

2) The Vice President should keep quiet and allow economies do there job. He is only but a lawyer in this sphere. 

3) Mr. President should not contemplate bringing back the Economic Management Team (EMT) headed by the V. President for any purpose, because he is a good lawyer but a bad economist.

4) Mr. President should encourage the position of the CBN governor not to devalue the naira, but instead create ways that will strengthen the currency.

5) Mr. President should distance the VP from comenting and or interfering on anything that has to do with the economy of this country because he has over the time proven to be a bad economist.

6) We shall not allow anybody to use his or her office to project unpopular polices that will plunge Nigerians into further poverty, the one the masses are faced with is enough. Further devaluation of Naira means more poverty, more insecurity, more restiveness and more death in the land. We say NO to devaluation of Naira. 

Signed:

Mallam Yusuf Amoke

Convener, 

Coalition of Northern Youth Groups. (CNYG)

yusufamokee@gmail.com