A netizen who identifies as A. Ayofe (@abdullahayofel) has bemoaned wastage of Nigeria’s foreign reserve by previous administrations from 1999 to 2023 to defend the naira with a humongous $388 billion. The netizen claimed that President Bola Ahmed Tinubu is changing all that.
He wrote on X:
If BAT wants N1 to equal $1 today he can do it immediately with a simple press release
But he should have enough dollars to defend the Naira
Obasanjo spent about $60 billion to defend the Naira in 8yrs
Yar Adua spent $58 billion to defend the Naira in 3yrs
Goodluck Johnathan spent $145 billion in 5yrs to defend the Naira
Buhari spent $125billion to defend the Naira in 8yrs
That is a total of $388 billion that should be in NGR external reserve and building NGR economy. It was frittered away by these four leaders…
Despite this huge cost of defence, the Naira still crashed from N22 in 1999 to N460 in 2023 at the official window. A ( 2100%) loss…
it crashed from N80 to N780 at the black market…
Every Developed country on earth is floating their currency and every developing country is defending their currency.
As the saying goes
” if you want to be the best think like the best ”
If Obasanjo or leaders before him thought like BAT, NGR external reserve would have had hundreds of billions of dollars and massive development in all sectors…
The foundation BAT is laying now by floating the Naira would yield massive fruits in the near future and we and our kids will be proud for standing solidly with him.