Peter Obi, the presidential candidate of the Nigeria Democratic Congress (NDC) for the 2027 election, has identified the floating of the naira as one policy of President Bola Tinubu’s administration he would retain if elected.
Obi, however, said retaining the policy would not mean defending all aspects of its implementation.
According to him, his priority would be to increase productivity and strengthen the Nigerian economy.
The former Anambra State governor made the statement during an interview with Arise Television on Thursday, where he was asked to identify a policy introduced by the Tinubu administration that he would maintain if given the opportunity to become president.
“There’s one – the floating of the Naira. I’m not going to defend it. But I’m going to put productivity to make it more valuable to the people,” Obi said.
Tinubu’s administration introduced the foreign exchange reform in June 2023, shortly after the President assumed office. The policy was designed to remove distortions in the foreign exchange market by allowing market forces to play a greater role in determining the value of the naira.
The reform effectively ended the previous system of multiple exchange rates after the Central Bank of Nigeria removed restrictions around the Investors and Exporters foreign exchange window.
The naira subsequently recorded significant depreciation against the dollar, moving from levels below N500 to the dollar at the beginning of the Tinubu administration to above N1,000 and later crossing N1,500 at different periods.
While the exchange-rate reform has attracted criticism because of its impact on the cost of living and prices of imported goods, the government and supporters of the policy have argued that it was necessary to correct distortions in the foreign exchange market, improve transparency and create conditions for investment.
During the same interview, Obi also spoke about the 2027 election and warned against allowing ethnic considerations to determine the choice of Nigeria’s next president.
“Our election should not be driven by tribalism,” he said.
The former governor also said he would accept the outcome of the 2027 presidential election if the process is free, fair and credible.
“If the election is free, fair, and credible, I will. It’s the people who will decide who they want to serve them, and I will respect the will of the people,” Obi said when asked whether he would concede if he lost the election.
Asked why he did not concede following the 2023 presidential election, Obi maintained that he had won the poll.
“I did win. And as long as I live, I will maintain that I won the 2023 presidential election,” he said.
Obi also rejected claims that he had turned down an offer to become the running mate to Atiku Abubakar ahead of the 2027 election. He explained that he was not a member of any political party at the time such an arrangement was allegedly being discussed.
“Who said so? Where? I wasn’t even in any party where that offer was on the table. I wasn’t even in a position where it was being offered and I refused,” he said.
On whether he could withdraw from the presidential race to support Atiku, Obi said the issue had gone beyond discussions between individual politicians.
“Do you know where we are now? Where we are now is that I’m a candidate, my leader Atiku is a candidate of another party, so you are talking about two parties coming together,” Obi said.
“It’s no longer me or him, as you are now talking about parties coming together. All those parties have candidates, so it’s no longer me as Peter talking.
“It’s like a situation where you have two corporations coming together. It’s no longer two CEOs going for a drink and saying, ‘We are going to work together.’ It’s not me saying I don’t want to be this or that. No, we have passed that stage.”
The NDC candidate also criticised the practice of Nigerian presidents spending their holidays outside the country, saying the President should use such periods to engage directly with citizens and assess conditions across the country.
“Nigerian president must spend his vacation in Nigeria. We cannot continue with this nonsense,” Obi said.
He said foreign trips would still be necessary for official duties, but that holidays should be spent within Nigeria. According to him, insecurity and infrastructure challenges make it important for the President to personally visit affected communities and interact with stakeholders.
Obi mentioned Zamfara, Borno, Anambra, Benue, Plateau and Kano as some of the states where a president could engage communities and stakeholders over pressing national issues.
He said such visits should go beyond brief appearances, particularly in areas experiencing insecurity and other serious challenges.
Obi further said he would spend Sallah in Sokoto and meet with the Sultan and other stakeholders as part of efforts to encourage national dialogue and strengthen unity.
The former governor, who contested the 2023 presidential election on the Labour Party platform, is now seeking the presidency under the NDC.
