Ezekwesili faults implementation of Naira redesign policy

Former Vice President of the World Bank, Oby Ezekwesili, has criticized the implementation of Nigeria’s naira redesign policy, alleging that it has been compromised.

Speaking on the “The 2023 Verdict” program on Channels Television on Sunday, Ezekwesili accused the political class of hijacking the processes and workings of the monetary authorities for their political gains.

Ezekwesili argued that Africa’s democracy has been hijacked by the supply side, citing an electorate that acts as if they are not interested in influencing political outcomes to their benefit.

She also noted that despite positive changes in the Independent National Electoral Commission (INEC), money remained a powerful weapon in determining election outcomes.

“I said many years ago that the monetary policy was compromised because it was evident that it was being run from the villa,” Ezekwesili stated.

She further faulted many of the policy solutions of the Central Bank of Nigeria (CBN), condemning the closely married relationship between the apex bank and the presidency, which she accused of coming up with policies that were not sufficiently data-driven.

Ezekwesili emphasized the urgent need for a functioning society in Nigeria, urging President Buhari to ensure that the upcoming elections are conducted and a new government is elected by Nigerian citizens who want a society that functions.

She expressed concern about the country’s high-end fragility, stating that the country is close to failing.

“The country is in a state of higher-end fragility,” she warned and questioned the wisdom of pushing it further.

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