Business News

Buhari unaware of the depletion of Nigeria’s foreign reserves under Emefiele – Tinubu’s Aide

Ajuri Ngelale, the spokesperson for President Bola Tinubu on Media and Publicity, stated that the previous president, Muhammad Buhari, was unaware of the foreign reserves’ depletion by the former Central Bank Governor, Godwin Emefiele. 

Ngelale, in a recent interview, pointed out that the former president did not authorize the bulk of the expenditures from the foreign reserves, amounting to billions of dollars. 

The spokesperson for the president mentioned that the majority of the apex bank’s operations are directly managed by the CBN governor, who also holds the position of chairman on the bank’s board of directors. 

Reacting to the cash crunch under Emefiele due to the Naira redesign policy, Ngelale said the policy was an attack on the Nigerian people rather than a political attack on President Bola Tinubu.  

According to him, many people who were not involved in any form of corruption were adversely affected by the policy, emphasizing that they were unable to access their hard-earned money.  

He further stated that Emefiele was solely responsible for the policy. 

In 2023, Nigeria’s foreign reserve significantly dropped due to foreign obligations and a reduction in oil production, leading to increased volatility in the foreign exchange market.