A member of the All Progressives Congress, APC, Presidential Campaign Council, Segun Showunmi, has faulted Professor Pat Utomi over his claim that Peter Obi can push the naira to N500 to one dollar if elected president in 2027.
In a statement on Friday, Showunmi described Utomi’s claim as a fundamental fallacy, insisting[ that such promise is not realistic and is aimed at deceiving Nigerians.
GISTSMATE MEDIA reports that Utomi had earlier claimed that if Peter Obi, the presidential candidate of the Nigeria Democratic Congress, NDC, is elected president in 2027, he will strengthen the naira to N500 to one dollar through proper economic management.
He said:
“We are convinced that targeting a strategic appreciation of the exchange rate by reasonably strengthening it from ₦1,350/$ to ₦500/$ as part of our manifesto is a winning strategy,” he said.
“It offers a direct, multi-faceted approach to curbing inflation, reducing poverty, and lowering the cost of living.”
“It clearly demonstrates our concrete plan to uplift the 140 million Nigerians currently experiencing multi-dimensional poverty,” he said.
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👉 JOIN GISTSMATE WHATSAPP CHANNELReacting, however, Showunmi said Utomi’s claim is misleading and shows a lack of understanding of how the economy works and how foreign exchange is determined.
According to him, making the naira N500 to a dollar is not something that can be achieved just by one man becoming president, as the economy is more complex than that and involves many factors including production, export, and foreign reserves.
He also said politicians should stop making unrealistic promises to Nigerians just to win votes, adding that such promises make people lose trust in politicians.
“The fundamental fallacy is the assumption that an administrative or politically declared appreciation of the naira from N1,350 to N500 per dollar will automatically translate into a 50% reduction in the prices of virtually every essential commodity,” the statement read in part.
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