Atiku Says To Sack CBN Governor, Privatise NNPC If He Wins Election

The candidate of the main opposition People's Democratic Party (PDP) in the February 16, presidential election, Atiku Abubakar his first priority if he wins the forthcoming election is to sack the Governor of Central Bank of Nigeria (CBN), Godwin Emefiele.

In an interview with Bloomberg, Abubakar said he would, however, effect the change at the expiry of Emefiele current tenure which will end in June this year.

“I don’t think he’s pursued the right policies,” the candidate of PDP said. “We have to have the right people in there.” 

Abubakar also said he would float the local currency and eliminate the multiple exchange rate regime currently in place.

Under Emefiele, who was appointed in 2014, Nigeria has tightened capital controls and closely managed the naira’s value. 

The governor has consistently said this is the best way to curb inflation and boost manufacturing by discouraging imports. The country now has a system of multiple exchange rates, which several foreign investors have criticized.
“I will rather allow the currency to float so that we can have a realistic single exchange rate that would be stable. That will encourage foreign investors,” Abubakar said.

“We will review that policy and ensure we achieve convergence as far as exchange rate policy is concerned,” he said.

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The monetary policy committee has kept the key rate at a record high 14 percent since 2016. Even so, inflation accelerated to a seven-month high of 11.4 percent in December.

According to Abubakar, he would not limit his reform programme to the CBN, he also proposed to sell government stakes in the state-run oil giant Nigeria National Petroleum Corporation (NNPC).

He insisted he could overcome resistance from NNPC staff and vested interests to that policy.

“There is really a mafia in there, people who benefit personally at the expense of the country,” he said. 

“But I have the political will and courage to do it. We don’t intend to privatize the whole of NNPC, but reduce the government’s interest to a minority and allow the private sector to drive the oil and gas industry.”