A chieftain of the All Progressives Congress (APC), Senator Adeseye Ogunlewe, has blamed the high exchange rate on excessive subsidy money allocations to state governors by President Bola Tinubu.
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In an interview with Newtelegraph, Ogunlewe said the governors use the excess funds to buy dollars for elections, causing the naira’s value to drop.
“It is the President that caused the exchange rate to be high because the money they realised from the removal of subsidy they pay the Governors and they share much money which allows the Governors to buy more dollars.
When they were not earning too much, the rate of dollar to naira was stable, you give too much money to them, they buy dollars to prepare for elections. We are the cause of our own problems and we know it,” he said.
Ogunlewe called for restructuring of the country and limiting the federal government’s responsibilities to curb corruption at the top. He advocated investing heavily in educating Nigerian youth to secure the country’s future.
“We should have proper planning, massive education at any cost. When you neglect your youths and you are thinking of the future, which future is that, there is no future.
Let us not allow these youths to rot away, they are the ones to rise up for Nigeria in the future and we should realise this and train them at all cost,” he said.
The APC chieftain also criticized the over-centralization of power and called for adopting the U.S. style presidential system with more responsibilities devolved to states.
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