Senator Ned Nwoko Urges Bola Tinubu to Halt Dollarization and Implement Economic Reforms

Senator Ned Nwoko, representing Delta North Senatorial district under the PDP, has called upon President Bola Ahmed Tinubu to take decisive action in addressing Nigeria’s economic challenges by curbing the use of dollars and implementing local solutions.

During an interactive session with journalists in Abuja on Wednesday, Senator Nwoko highlighted three critical areas where urgent reforms are needed to alleviate the current hardships faced by Nigerians.

Firstly, he advocated for government intervention to regulate interest rates, proposing a significant reduction to as low as three or four percent. By lowering interest rates, access to affordable loans would be facilitated, particularly for youth entrepreneurs, thereby stimulating economic growth.

Secondly, Senator Nwoko addressed the issue of currency exchange rates, emphasizing Nigeria’s overreliance on foreign currencies. He stressed the need to minimize this dependency and restore value to the Nigerian naira, which has been significantly weakened by the prevailing circumstances.

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Furthermore, he urged President Tinubu to reconsider the current practice of paying foreign workers in dollars across various sectors of the economy. Senator Nwoko argued that such practices perpetuate discrimination and contribute to the devaluation of the naira.

Highlighting the historical context of economic challenges in Nigeria, Senator Nwoko referenced the country’s post-independence economic ties with its former colonial masters, which have perpetuated a cycle of economic dependency. He underscored the importance of reclaiming economic sovereignty and utilizing national reserves to foster domestic development.

Specifically, Senator Nwoko called for the closure of foreign reserve accounts holding significant sums of money, redirecting these funds towards empowering Nigerian youths through accessible loans and entrepreneurial opportunities.

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He emphasized the urgency of President Tinubu’s intervention in prohibiting the use of dollars within Nigeria, advocating for the exclusive use of the naira in all transactions, including the sale of crude oil and gas.

In conclusion, Senator Ned Nwoko underscored the necessity of strong leadership and political will to implement these reforms, urging President Tinubu to prioritize the interests of Nigerians over external pressures.

The senator’s remarks signal a call for fundamental economic changes aimed at revitalizing Nigeria’s economy and addressing the persistent challenges of inflation and economic disparity.