Ndume: FG’s plan to de-dollarise economy will reduce pressure on naira

Ali Ndume, senator representing Borno south, says the plan by the federal government to de-dollarise the economy will reduce pressure on the naira.

De-dollarisation of the economy will mean a significant reduction in the use of dollars by Nigeria in trade and other financial transactions.

Wale Edun, minister of finance and coordinating minister of the economy, announced the government’s plan on the sidelines of the World Bank/IMF annual meetings in Washington DC, US.

In a statement on Saturday, Ndume said the step is a “bold one” that should be commended.

The senator said President Bola Tinubu should perfect plans for Nigeria to be part of the BRICS bloc.

“That policy announced by the administration of President Bola Ahmed Tinubu must be commended,” he said.

“If it is fully implemented, it will drastically reduce the pressure on the naira, and our international businessmen and women who import goods from countries like China will not depend on the United States dollar.

“The policy will also assist the naira in appreciating significantly. This will help us as a country in so many ways. So, I commend the President for taking these economic bold steps at a time like this.”

Ndume said the president should convene a National Economic Conference to proffer home-grown solutions that could assist the policy direction on the economy.

“This national economic summit should be purely led by these eminent Nigerians, and they’ll come up with recommendations instead of the IMF and World Bank’s prescriptions that are harsh and hard on ordinary citizens,” he said.

“I believe if the recommendations are good, President Tinubu will implement them, and this will help the country in no small ways.”

Ndume commended Tinubu for his effort to reduce the cost of governance in the face of economic difficulties.