2027: Tinubu’s policy I will retain if elected president – Peter Obi

The National Democratic Congress (NDC) presidential candidate for the 2027 election, Peter Obi, has said he would retain President Bola Ahmed Tinubu’s naira float policy if elected president.

Obi, however, said he would not simply maintain the policy without making changes to the broader economic conditions affecting the value of the naira.

The former Anambra State governor said his administration would focus on increasing productivity, boosting domestic production and expanding economic output as part of efforts to strengthen the currency.

He made the disclosure during an interview on Arise TV on Thursday while discussing the policies of the Tinubu administration and his plans for the 2027 presidential election.

Obi identifies policy he would retain

Asked to identify one policy introduced by the Tinubu administration that he would retain if elected president, Obi pointed to the floating exchange-rate system.

“There’s one – the floating of the Naira. I’m not going to defend it. But I’m going to put productivity to make it more valuable to the people,” he said.

Obi’s position means that his administration would not reverse the floating exchange-rate framework but would seek to improve the economic fundamentals that determine the strength and purchasing power of the naira.

He argued that the value of the currency should be supported by increased production and economic activity rather than policies aimed solely at controlling the exchange rate.

Why Tinubu introduced naira float

The floating exchange-rate policy was introduced by the Tinubu administration in June 2023 as part of wider foreign exchange reforms.

Under the reform, the Central Bank of Nigeria removed restrictions at the Investors and Exporters foreign exchange window, allowing the naira to trade more freely against the dollar and other major international currencies.

The move effectively brought an end to the previous multiple exchange-rate system. The Federal Government had argued that unifying the foreign exchange market would improve transparency, eliminate distortions and create a more favourable environment for investment.

However, the policy was followed by significant depreciation of the naira. The currency, which traded below N500 to the dollar around the time the reform was introduced, moved above N1,000/$ and later crossed N1,500 per dollar at various points.

Obi backs productivity-driven economy

Obi said his approach would be to combine the floating exchange-rate system with policies designed to increase production and economic output.

The former governor has consistently advocated greater domestic production, increased exports and investment as part of his argument for moving Nigeria away from what he describes as a consumption-driven economy.

According to him, a productive economy would create more value, strengthen the country’s ability to earn foreign exchange and ultimately support the naira.

His position also suggests that his administration, if elected, would focus on addressing the economic factors behind currency weakness rather than returning to a system of multiple exchange rates or imposing rigid controls on the naira.

Obi warns against tribalism in 2027

Beyond economic policy, Obi also cautioned against allowing ethnic considerations to determine the outcome of the 2027 presidential election.

The former Anambra governor called for Nigerians to look beyond tribal affiliations when deciding who should lead the country.

“Our election should not be driven by tribalism,” he said.

Obi’s comments come as political parties and presidential hopefuls intensify preparations for the 2027 general election, with economic management, the cost of living, currency stability and national unity expected to remain major issues in the campaign.