Special Adviser to President Bola Tinubu on Monetary matters, Mr Olawale Adebayo Edun, has attributed the high exchange rate of naira to the dollar on inefficiency and corruption of the previous system.
He spoke in answer to a question by Senator from Plateau Central what answer he has to prevent the falling value of the naira against the dollar and the attendant spiralling Inflation and cost of living.
Speaking further,he said that for a country like Nigeria earning about N100 billion dollars in a year has no business having it’s currency so devalued but promised that the situation will change when some measures being put in place now are implemented and the speculators responsible for the current state of the nations currency due to their corruption of the system.
On how he intend to improve the revenue generation of the states as he did in Lagos state when he was finance commissioner,he said as a believer in fiscal and true federalism, President Tinubus will put in place with the advice on Monetary authorities incentives to improve the states revenue generating capacity.
On power,he said that since the power sector has been revolutionalised by the new law of generation and distribution of power,the situation will change as states and private investors can come as a player to improve the countries power generation.
The nominee who spent over one hour answering questions on the nations finance was spoken well of by three senators from Ogun namely, Olamilekan aka Yayi,Gbenga Daniel and Salisu from Ogun central as a candidate of high pedigree who has distinguished career in banking worldwide.
Senators led by Senator Goje from Borno took their turn to urge him to keep an open door policy so as to reconcile between expertise and calling of politicians who have a direct responsibility to their people.
In answer to a question by former Senate President Ahmed Lawan,Edun said that the cash transfer policy being reviewed by President Tinubus will be done in the interest of the people and also in a way which will not run counter to the constitution of the federal republic.
He also expressed his support that there should be a separation between the Office of the Accountant General of the Federation and the Accountant General of the Federal government.
He said the adoption of technology as used to improve revenue generation in Lagos will be adopted if given the Ministry of Finance portfolio.
He argued that though subsidy removal has brought much pain to the people and that the gains will soon manifest.
The nominee said it is clear to all that the fiscal position of the country has improved and turned around adding that debt owing is not a bad thing for as long as government has the revenue to service it.
Edun contended that both the states, corporate organisations and individuals have a role to play in turning arround the country.
