Nigeria
Naira Could’ve Hit ₦17,000/Dollar, Fuel ₦4,000/Litre Without Tinubu’s Reforms – Okupe
Doyin Okupe credits President Tinubu’s reforms for averting economic disaster, suggesting the naira could have plunged to ₦17,000/dollar and fuel prices soared to ₦4,000/litre without his intervention.
Doyin Okupe, the former spokesperson for the Labour Party’s 2023 presidential campaign, stated that without President Bola Ahmed Tinubu’s reforms, the naira would have reached N17,000 per dollar in foreign exchange and fuel prices would be N4,000 per litre.
In a recent interview with Arise Television, Okupe, the former spokesperson for ex-presidents Goodluck Jonathan and Olusegun Obasanjo, revealed this information.
This development occurs as Nigerians are purchasing petrol at prices ranging from N1,060 to N1,115 per liter nationwide. This is a significant increase compared to the average price of N254.06 in May last year prior to the removal of fuel subsidies.
Additionally, the country’s foreign exchange rate increased to N1675.62 per dollar on Monday, November 25, 2024, up from N463 on June 13, 2023.
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The depreciation of the Naira and increases in fuel prices have intensified economic hardship for Nigerians, with headline inflation rising to 33.88 percent and food inflation reaching 39.16 percent in October 2024.
In response to the development, Okupe emphasized that without the reforms, Nigerians would be experiencing an even more dire economic situation.
Bola Ahmed Tinubu has introduced significant reforms aimed at transforming the country’s circumstances from those of the past 8 to 10 years.
“I heard people complaining that the dollar is at N1,700; however, it could have been much worse—imagine if it had reached N17,000. Similarly, although fuel costs are now N1,000 per litre, they might have escalated to between N3,000 and N4,000 without these reforms,” he remarked.
