Former Senator representing Bayelsa East Senatorial District, Ben Bruce, has said “naira will not rise even if Nigeria sells more crude oil.”
According to the Senator, “Not only are we not getting money from present sales since the Buhari government took the funds in advance, but we are also not an oil-rich nation.”
The Senator, who shared on X, also said, “We are talking about 1.7 million barrels of oil per day to a population of over 200 million people. Angola has just 15% of our population and produces more oil than we do. Stop looking at oil for our salvation.
“If we don’t persist in buying made in Nigeria goods and services, we will perish economically. #BuyNaijaToGrowTheNaira.
“Even if you do not like me, do it because you like yourself. The days of subsidised Naira are gone forever.
“There is no $1.5 billion to waste defending the Naira anymore. If you and I want a stronger Naira, we must defend it by changing our consumption habits.”
In another post, Ben Bruce said, “The crude oil swaps that the Buhari engaged in should not occur again. And the National Assembly should consider passing laws to prevent any present or future President from engaging in it. Why should one administration collect monies ahead of time for future crude contracts? How would salaries be paid? What about infrastructure?
“It should never have occurred in the first place. But now that it has, the focus should not be on probing the previous government. That will generate unnecessary tension. The focus should be on making sure it does not occur again. And that can only happen if we have legal safeguards in place.
“Additionally, no administration should be allowed to just print Naira ad infinitum without recourse to the National Assembly. Part of the reason why the Naira is on a downward trajectory is due to this practice. When money not tied to production goes into circulation, economic destruction results.”