Oba Oluyemi Falae has described President Bola Ahmed Tinubu’s floating of the naira and scrapping of multiple exchange rates as one of the most courageous and necessary economic policies ever taken by any government.
Oba Falae, the Olu of Ilu Abo in AKure North Local Government Area in Ondo State, added the President’s exchange rate reforms have repositioned the economy for greatness.
The one-time Secretary to the Government of the Federation (SGF), stated this yesterday when a delegation from the North under the Arewa Think Tank visited the Akure home of the National Leader of Afenifere, Pa Reuben Fasoranti.
According to the economist, who was also Finance Minister, no country with multiple exchange rates can attract sustainable foreign investment or achieve meaningful economic growth.
“No country with multiple exchange rates is ever going to make it or attract investments from abroad because investors want to be certain what the exchange rate will be – first, when they’re investing, and second, when they’re repatriating”.
Oba Falae, a former banker, who served in the military government of Gen. Ibrahim Babangida between 1985 and 1993, admitted that although the currency devaluation initially caused hardship, it was a bold and necessary step.
“No government had the courage to touch those exchange rates and remove subsidy on petrol. But Tinubu came on board and had the courage, and he removed them. When he did so, many people screamed because it was painful.
“The price of petrol went up from N800 to N1,200, and the price of everything went up. It was terrible, but what he did was absolutely necessary,” he stated.
He, however, noted that he would have implemented certain mitigating measures beforehand to reduce the negative impact on citizens.
Falae also affirmed that the economy is now improving under Tinubu’s leadership, with food prices stabilising as a result of government interventions.
“The price of food is now coming down, and I am a farmer. This time last year, a truckload of cassava tubers was N450,000; today, it’s N150,000.
“A congo of garri that was N1,500 is now N700, while rice has dropped from N3,500 to N1,500. Nigerians should know that things are getting better under President Tinubu. This is not a theory,” he said.
Falae stressed that basic food items, which constitute the most critical aspect of household expenditure, are becoming more affordable, signaling gradual recovery in the economy.
“Despite the very drastic decisions, the economy is getting better,” he added.
2027: ‘North ‘ll stand by president’s re-election
At the meeting, the North’s leaders declared their support for President Tinubu ahead of the 2027 general election. They pledged that the North will stand firmly behind his administration and re-election bid.
The leaders said their decision was informed by President Tinubu’s ongoing efforts to promote national unity, economic recovery, and security reforms. They noted that his policies have begun yielding positive results across the country.
The delegation , led by Muhammad Alhaji Yakubu, Muhammad Ibrahim, Ahmed Tijani Hamisu, Wasila Abdul Hamid, and Adamu Sani, emphasized the unity of the country and the need for the President to complete the eight-year tenure for the South.
The Convener of the Arewa Think Tank, Muhammad Alhaji Yakubu, said it was important for the northern group to renew its relationship with the Southwest in support of Tinubu’s re-election.
Yakubu, who represented former Kaduna State Governor Mukhtar Ramalan Yero, a leader of the group, lauded what he described as the “impressive scorecard” of President Tinubu since assuming office. He stressed that the administration has made Nigerians proud after over two years in office.
“We are here today to renew our relationship with the Southwest and reassure the region that the North will stand by President Bola Ahmed Tinubu.
‘’We want to thank you, sir, for the Southwest’s role in giving us a President who has a vision, a mission, and who has performed well in the last two years.
“We are also here to present to you the impressive mid-term scorecard of President Bola Tinubu. We are confident and hopeful that he will take Nigeria to the promised land. We have seen, in the last two years, what inter-regional collaboration and support can do to move this country forward,” Yakubu said.
Oba Falae hailed the group for their support In a communiqué issued after the visit by the National Organising Secretary, Otunba Kole Omololu, Afenifere reaffirmed its commitment to national unity and urged Nigerians to support President Tinubu’s Renewed Hope Agenda.
Omololu said the Yoruba socio-political organisation praised the Arewa leadership for their steadfast commitment to fostering genuine partnership grounded in truth, fairness, and inclusivity.
He added that the renewed collaboration builds upon the historic unity of Nigeria’s founding fathers in pursuit of a just and prosperous federation.
Both parties, he said, resolved to establish a joint framework to advance meaningful discussions on constitutional reform, national security, and economic cooperation.
