Ajuri Ngelale, the spokesperson for President Bola Tinubu on Media and Publicity, asserted that the former president, Muhammad Buhari, was not apprised of the depletion of foreign reserves by the former Central Bank Governor, Godwin Emefiele. In a recent interview, Ngelale highlighted that the majority of expenditures from the foreign reserves, amounting to billions of dollars, were not authorized by the former president.
Ngelale elucidated that the operational oversight of the apex bank predominantly falls under the purview of the CBN governor, who concurrently serves as the chairman of the bank’s board of directors. He explained, “What was done concerning the expenditure of billions of dollars from the foreign reserves was done largely without the approval or knowledge of President Muhammad Buhari and President Bola Tinubu.”
Addressing the Naira redesign policy initiated under Emefiele’s tenure, Ngelale contended that the policy adversely impacted Nigerians, characterizing it as an assault on the populace rather than a political attack on President Bola Tinubu. He underscored the plight of individuals unable to access their legitimate earnings due to the policy, attributing its conception solely to Emefiele.
The decline in Nigeria’s foreign reserves in 2023, attributed to foreign commitments and decreased oil production, heightened volatility in the foreign exchange market. Contrary to the assertions made by Global financial service firm JP Morgan, the CBN refuted claims of significant reductions in the reserves, citing fluctuations and normal liabilities. The new CBN governor, Yemi Cardoso, reported that the apex bank cleared a substantial portion of backlog obligations, resulting in a rise in gross foreign reserves to $34 billion, driven by elevated crude oil prices, increased production, and institutional reforms.
