Naira Depreciation: Jonathan’s Administration To Blame – FG Points Finger


The Federal Government has blamed the state of the country’s economy, especially the depreciation of the Naira on the past administration led by Goodluck Jonathan which it said mismanaged the economy and accomodated treasury looting.

“If there was still any honour left among thieves, there is no way the leaders of a party under whose watch the
nation’s economy suffered a monumental mismanagement and the Central Bank was turned to the ATM or piggy bank of a few people will have the temerity to insult a government that is working hard to turn things around or the citizens who are bearing the brunt of such mismanagement,” the Minister of Information and Culture, Alhaji Lai Mohammed, said in a statement on Sunday.

”It is now clear to all Nigerians that if the PDP had won the last general elections, Nigeria’s economy would not have
survived one more month, considering the battering it received under the immediate past Administration. It is therefore
unconscionable that those who should show contrition and hunker down to avoid public opprobrium are the same ones
pointing an accusing finger at the Buhari Administration,” he said.

“Senator Ekweremadu complained about the depreciation of the Naira without telling Nigerians who ‘dollarized’ the Nigerian economy by bribing many individuals and groups with dollars during the last elections, thus inflicting a knock out punch on the local currency. He also failed to tell Nigerians which government presided over the frenzied mop-up of dollars, either for ‘armsgate or for slush fund purposes, from the CBN to a point where it almost ran out of the hard currency,” he said.

Mohammed pointed out that even though the Buhari Administration met an economy that was in coma, it had refused to use that as
an excuse for inaction.

“The outcome of the months of hard work will manifest soon in the 2016 national budget that will give succour to millions of Nigerians who are reeling from fallout of the solecism of the immediate past Administration that turned the country into a cash bazaar,” the Minister said.