Prince Adewole Adebayo, the presidential candidate of the Social Democratic Party (SDP), has described the Central Bank of Nigeria governor as a cashier.
Prince Adebayo, while answering questions on the Naira during the Question and Answer session about the Nigeria currency at the 4th quarterly meeting of the Nigeria Association of Chambers and Commerce, Industry, Mines and Agriculture (NACCIMA), held in Enugu, said the issue of Nigeria currency is a straightforward thing, stressing the fact that the value of anything depends on its supply.
He said if Naira is challenging to get, the Nigeria currency will have value, stating that the tragedy of the Nigeria Naira is that the government is not accounting for the country’s revenue diligently.
The presidential hopeful also made it known that when the government intends to carry out expenditure which is where inflation comes in, they take the money into the hands of their political allies; for example, when there is a need to contract road construction, government tends to give it to political party leaders who are their allies who in return contract it to another contractor.
Prince Adebayo stressed that this habit gives room to many naira with no productive value-chasing properties, leading to excess naira in circulation.
The SDP presidential candidate further stated that the Central Bank is supposed to be the break when the government is running fiscally irresponsibly, but we do not have a Central Bank governor; we have a cashier who does the bidding of those in government.