Akpabio misguided on Emefiele’s role in Nigeria’s economic woes, says lawyer

A constitutional lawyer, Obe Agu, has criticised Senate President Godswill Akpabio for his remarks regarding the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele. Agu, in a report, clarified that Emefiele’s responsibility was to manage monetary policy and not the overall economy, as erroneously stated by Akpabio during a speech at Ikot Ekpene Stadium over the weekend.

Senate President Akpabio accused Emefiele of leaving behind a “foamy economy” and creating a significant deficit in the national treasury. However, Agu, in his response, pointed out that Akpabio’s comments were misleading and demonstrated a lack of understanding of the distinction between monetary policy and economic management.

“The CBN Act of 2007 charges the Bank with the overall control and administration of monetary and financial sector policies of the Federal Government,” Agu explained. He emphasised that Emefiele’s role as CBN Governor involved managing exchange rates and inflation, while the fiscal authorities were responsible for the broader economy.

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Agu also outlined the official exchange rate and inflation statistics at the time of Emefiele’s removal.

“As the CBN governor, Emefiele was in charge of exchange rate and inflation, while the Fiscal authorities managed the economy. When Emefiele was removed, the official exchange Rate was N500/$1 and parallel market rate was N750/$. Today exchange Rate is N1,491/$.

“When Emefiele was removed inflation was 21 percent, today inflation is above 32 percent. Nigerians know better.

These figures suggest that Emefiele’s performance, given the current economic conditions, was commendable.

“Given the present economic realities, former Central Bank of Nigeria Governor Godwin Emefiele’s performance arguably puts him as the best central bank governor in the history of Nigeria,” said Agu.

Agu also pointed out that Akpabio’s leadership of the National Assembly is tainted by unresolved allegations of budget padding, as revealed by Senator Abdul Ningi. Agu questioned the credibility of the Senate President’s statements and urged him to focus on resolving the issues within the legislative body instead of making unfounded claims against others.

“Akpabio should learn…and face his role as Senate President and Chairman of the National Assembly,” Agu stated. He added that Nigerians are aware of the budget padding scandal and other allegations against the National Assembly and urged Akpabio to be more cautious with his words, as his comments do not align with the facts.