Former Minister of Education, Oby Ezekwesili, has claimed that President Bola Tinubu’s administration has stabilised the foreign exchange rate.
She, however, said Nigeria is not out of the woods yet, as citizens have yet to feel the impact of the government’s economic reforms.
CityNews reports that Ezekwesili shared her thoughts in an interview on News Central Television.
She said, “The only thing that, as I said at the beginning, we can give to them is that they are getting a handle on macroeconomic stability. So, for example, the volatility we have with foreign exchange rate is quieter because they are abiding by market principles for foreign exchange policy.
“Then you look at inflation. Inflation, even though they use the methodology to crash it in terms of the numbers, but the real thing is that the cost of living for the average citizen is still pretty high.”
The former minister also condemned the method used in handling inflation; she argued that the incumbent administration should have come up with better policies to handle the sharp rise in prices.
According to her, macroeconomic indicators should not be viewed in isolation from the structural challenges affecting Nigeria’s economy.
Ezekwesili also said low productivity could be blamed for the lack of economic growth, job creation, and improved household incomes.
