OBI SAYS HE WILL KEEP NAIRA FLOAT POLICY IF ELECTED PRESIDENT

The Labour Party presidential candidate in the 2023 election, Peter Obi, has said he would retain the naira float policy introduced under President Bola Tinubu if elected president in 2027. Obi said his administration would not reverse the foreign exchange reform but would focus on strengthening the economy and creating the conditions needed for the policy to deliver better results for Nigerians.

The former Anambra State governor’s position comes amid continued debate over the economic reforms introduced by the Tinubu administration, particularly the removal of fuel subsidy and the floating of the naira. The reforms have significantly changed Nigeria’s foreign exchange market, although they have also been blamed by critics for contributing to increased pressure on households and businesses through higher prices and living costs.

Obi, while discussing the country’s economic situation, maintained that the major concern should be how to manage the reforms effectively rather than simply reversing them. He has repeatedly called for greater transparency in the management of public resources and questioned the impact Nigerians have received from the savings generated through the removal of fuel subsidy.

The presidential hopeful is expected to make economic management a major part of his campaign ahead of the 2027 election, particularly as voters continue to face concerns over inflation, purchasing power, employment and the value of the naira. His latest comments suggest that, rather than returning to the previous foreign exchange system, he would seek to improve the existing framework while pursuing policies aimed at boosting domestic production and reducing pressure on the currency.

Obi's position also places him among political figures advocating continuity in some aspects of the current administration's economic reforms, even as he remains critical of their implementation. With the 2027 election approaching, the future of the naira, foreign exchange management and broader economic policy is expected to remain a major issue in the political debate.