Don’t blame Jonathan for naira devaluation – Arise

ByYaqoub Popoola / Correspondent, Ado-Ekiti,  

 

A chieftain of the Peoples Democratic Party (PDP), Ayo Arise, has condemned the All Progressives Congress (APC) for blaming President Goodluck Jonathan for the devaluation of the national currency.

Arise declared that dwindling crude oil price in the international market accounted for the fluctuation of the naira’s value and should not be erroneously ascribed to Jonathan’s incompetence, as being alleged by the APC.

Briefing newsmen in Ado Ekiti, Ekiti State, on Friday, Arise, who was the chairman, Senate Committee on Privatisation between 2007 and 2011, said the scenario would continue to play out in the country, except the country addresses its sole dependence on oil.

Arise said currency devaluation was not new to Nigeria, as it has become a global problem that cannot be taken as a local affair or politicised in any guise.

The former senator advised the APC to stop making political capital out of nothing, because no candidate can win the presidential elect ion on the basis of falsehood.

Arise said: “Currency devaluation is not new to Nigeria or any country across the globe. Between December and now, the Euro has lost 15 percent value in the international market, naira as well. Even the Russian currency, Ruble, has lost same value.  So, it is a global issue that cannot be localised.

“Apart from countries like Saudi Arabia that have fixed oil prices in the international market, all other oil-producing countries are suffering a similar fate. They should stop politicising this issue ignorantly.”

Arise appealed to professionals in the financial market to speak up on the issue and prevent the polity from heating up unnecessarily through misinformation against the President.

“Though, I quite appreciate the fact the problem is universal, but it is fixable. Nigerians should expect a stable price soon. The Federal Government must look for a way to diversify the economy and remove us from this mono-economy.

“In 2010, the price of oil dropped in the international market and people were panicking, but it was regularised sooner than later. It happens from time to time and this should not be basis for Nigerians not to support  President Jonathan,” he said.