A former member of the National Assembly and chieftain of the Peoples Democratic Party, Senator Ayo Arise, has berated members of the All Progressives Congress and other individuals for blaming President Goodluck Jonathan for the devaluation of the nation’s currency.
Arise attributed the dwindling fortunes of oil price in the international market for the pitiable condition of the naira, saying nobody should ascribe it to President Jonathan.
The former lawmaker told journalists in Ado Ekiti on Friday that the sordid scenario will continue to play out in the country except the country addresses its sole dependence on oil.
Arise, who was the Chairman, Senate Committee on Privatization between 2007 and 2011, said the currency devaluation is not new to Nigeria.
He said it has become a global problem that cannot be taken as a local affair or politicized under any guise.
The senator advised the APC to stop being political on the issue, saying no candidate could win presidential election on the basis of falsehood.
Arise said: “Currency devaluation is not new to Nigeria or any country across the globe.
“Between December and now, Euro has lost 15 per cent value in the international market.
“Naira as well.
“Even Russian currency, Ruby, has lost same rate of value.
“So, it is a global issue that cannot be localized.
“Apart from countries like Saudi Arabia that have fixed oil prices in the international market, all other oil producing countries are suffering similar fate.
“They should stop politicizing this issue ignorantly.”
Arise appealed to professionals in the financial market to speak up on the issue and prevent the polity from being heated up unnecessarily over misinformation being dished out against President Jonathan.
He added: “Though, I quite appreciate the fact the problem is universal, but it is fixable.
“Nigerians should expect a stable price soon.
“The Federal Government must look for a way to diversify the economy and remove us
from this mono-economy being operated.
“But the rising cost of production of American Shale Oil would automatically push the price of Nigerian crude oil down so that we can compete in the market.
“This is part of the vagaries of business.
“In 2010, the price of oil dropped in the international market and people were panicking, but it was regularized sooner than later.
“It happens time-to-time and this should not be basis for Nigerians not to support President Jonathan.”