In a Senate screening session yesterday, Wale Edun, President Bola Tinubu’s Special Adviser in charge of Monetary Policies and a ministerial nominee, asserted that the fair value of the naira should be around N700/$, far less than the current over N860/$ exchange rate in the parallel market. He argued that the current rate was not supported by market fundamentals and was influenced by past foreign exchange practices riddled with inefficiency and corruption.
During the session, other nominees, including former Governor Nasir El-Rufai, Senator David Umahi, and Ahmed Musa Dangiwa, also appeared before the Senate for screening. Edun emphasized the need to create the Office of the Accountant General of the Federal Government (OAGFG) to handle the federal government’s accounting records separately from the Office of the Accountant General of the Federation (OAGF). He believed that this separation would reduce friction in revenue sharing between the federal and sub-national governments.
Regarding the $800 million World Bank loan meant for vulnerable Nigerians, Edun recommended digital capturing of beneficiaries and emphasized the importance of biometric verification to ensure transparency. He urged Nigerians to embrace Tinubu’s administration policies and programs and expressed optimism that the nation’s economy would improve under Tinubu’s leadership.
While El-Rufai discussed the power sector, he highlighted that 80% of power generation is from gas and 20% from hydro, emphasizing the need for power and gas to complement each other. He called for fresh capital and investments in the sector to ensure constant electricity supply, pointing out that the current subsidy of N1.6 trillion for electricity consumption was unsustainable.
During the screening, Senator Sunday Karimi raised a petition against El-Rufai over the issue of insecurity in Southern Kaduna, causing a brief stir. However, El-Rufai was allowed to take a bow and leave, as he had appeared before the Senate in the past.
The session also saw emotional moments when nominee Hannatu Musawa from Katsina State broke down in tears, sharing her humble background, and the sacrifices her father made to send her to school. She expressed her regret that her father could not witness her nomination for a ministerial position.
Nominees from Delta State and Enugu State were asked to take a bow and go after introducing themselves, while those who will be screened today include Muhammad Idris, Prof. Ali Pate, Doris Anite Uzoka, Lateef Fagbemi, and Ekperikpe Ekpo.
The Senate screening process provides valuable insights into the visions and ideas of potential ministers, paving the way for important discussions on the country’s economic and governance policies.
