Ndume hails Tinubu’s stance on de-dollarization, calls for economic conference

Senator Ali Ndume, representing Borno South, on Saturday, lauded the federal government’s plan to de-dollarize the economy, calling it a “bold” move that will alleviate pressure on the naira.

He made this call in a press statement issued on Saturday.

Finance Minister Wale Edun announced the plan on the sidelines of the World Bank/IMF annual meetings in Washington DC. The de-dollarization aims to significantly reduce Nigeria’s reliance on the US dollar in trade and financial transactions.

Ndume praised President Bola Tinubu’s administration, saying, “That policy announced by President Bola Ahmed Tinubu must be commended. If fully implemented, it will drastically reduce pressure on the naira.”

He highlighted the benefits, including:

– Reduced dependence on the US dollar for international trade

– Appreciation of the naira

– Boost to local businesses

READ ALSO: Ndume urges Tinubu to reduce fuel price, decries hardship in Nigeria

“If it is fully implemented, it will drastically reduce the pressure on the naira, and our international businessmen and women who import goods from countries like China will not depend on the United States dollar.

“The policy will also assist the naira in appreciating significantly. This will help us as a country in so many ways. So, I commend the President for taking these economic bold steps at a time like this.”

Ndume urged President Tinubu to convene a National Economic Conference, led by eminent Nigerians, to develop home-grown solutions supporting the economic policy direction.

“This national economic summit should be purely led by these eminent Nigerians, and they’ll come up with recommendations instead of the IMF and World Bank’s prescriptions that are harsh and hard on ordinary citizens,” he said.

“I believe if the recommendations are good, President Tinubu will implement them, and this will help the country in no small ways.”

The conference aims to provide recommendations that are more suitable for Nigeria’s economy, rather than relying on IMF and World Bank prescriptions.

Ndume expressed optimism that implementing these recommendations would greatly benefit the country.

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