Anyaoku, Odumakin Differ on Devaluation, Agree on Federalism

James Sowole

The former Secretary General of the Commonwealth, Chief Emeka Anyaoku and the Publicity Secretary of the Pan-Yoruba socio political group, Afenifere, Mr. Yinka Odumakin, yesterday differed sharply on the call for further devaluation of the naira as a measure to address dwindling Nigeria’s economy

The duo of Odumakin and Anyaoku spoke in Akure, Ondo State at a symposium organised by the Ondo State Government as part of the activities to mark the 40 years of the state and seventh anniversary of the administration Governor Olusegun Mimiko.

While Anyaoku, who was the Chairman at the symposium, cautioned against further devaluation of the nation’s currency, Odumakin, who was one of the six discussants at the event, said the continuous existence of the current exchange rates official and parallel markets would continue encourage corruption.

However, all the discussants and the chairman, Anyaoku, agreed on the need to restructure the country in the spirit of true federalism.

The symposium with the theme: ‘Curtailing Nigeria’s centrifugal forces,’ also featured discussants including Senator Shehu Sanni, Senator Ben Murray-Bruce, former Minister of Information, Mr. Labaran Maku, former Chairman of the Labour Party, Chief Dan Nwanyanwu and a public policy analyst, Yadoma Bukar Mandara.

Anyaoku in his opening remarks, said official devaluation of the naira would further cause a rise in inflation to the detriment of all of the people of the country, especially the masses.

“In my view, those calling for official devaluation of the Naira need to come up with a good answer to Nigeria’s present problematic situation with its currency.

“An incontrovertible fact is that with the current level of the country’s dependence on imported goods resulting in a monthly import bill that is about four times the value of its main export (crude oil) that is traded in US dollars, official devaluation of the naira via-a-vis the dollar will inevitably produce a further rise in inflation to the detriment of all of us including especially the masses. Besides, in such circumstances, devaluation will lead to an unacceptable drain in the country’s external reserves that is already worryingly depleted,” he said.

The former Commonwealth Secretary General advised President Muhammadu Buhari to urgently convene a meeting of carefully chosen economic experts in the country to discuss the issue and the wider issue of how to deal with the country’s current economic crisis.

On the restructuring of the country, all the speakers agreed that there are cases of centrifugal forces because of inequality and poverty which can best be addressed if there is true federalism.

Anyaoku said: “My view which I articulated mostly is that restructuring the present government by adopting a true federalism, will go along way in enabling us to achieve a speedy development and the political stability which would reduce the enablement of centrifugal forces in Nigeria.”

Both Odumakin and Inwuanyanwu implored the present administration of President Buhari to adopt the recommendation of the 2014 National Conference’s report, saying the country would not move forward if the report was not implemented by the present government.

They also noted that the implementation of the report would adequately address the issue of the centrifugal forces in the country.

In his own contribution, MarrayBruce said the current federal structure must be changed to full federalism, saying states did not need to be mostly relying on the federal government to survive.

He said: “The problem of this country is the leadership, the country cannot develop when the leaders make promises they cannot fulfill. Our leaders put us in this mess because they are benefitting from the current crisis facing the country.”

The senator said the problem in several parts of the country is born of the hunger and poverty which must be addressed lamenting that less than 10 per cent of the population consume more than 80 per cent of the country’s resources.

He also called on the people to learn how to recall non-performing leaders and support those that are performing to make their lives better.

All the speakers were full of praises for Governor Mimiko for various developmental projects executed in the last seven years of his administration in the areas of health, education and other sectors of the economy.