Buhari Defends Emefiele, Says CBN Governor’s Alternative Economic Model Good for Nigeria

President Muhammadu Buhari, has, defended the policies being implemented by Mr. Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), saying rather than follow textbook solutions developed in the more advanced climes, which may not be suitable for Nigeria, the apex bank’s head has rightly resorted to “unorthodox” measures in trying to resolve the country’s economic challenges.

President Buhari

In his written responses to Bloomberg’s interview questions, Buhari said the accusations against Emefiele by detractors, including being labelled as “political”, had more to do with the methods he was deploying to try to revamp the Nigerian economy, rather than the substance of the allegations.

The president maintained that every country should have the right to choose its economic model and policies, insisting that the CBN chief is facing criticisms because he is not following traditional methods, which have failed in the past.

The president also gave reasons why he has not removed Mr Emefiele.

Mr Emefiele in May disclosed his interest to be the presidential candidate of the ruling All Progressives Congress (APC), even when he had not resigned.

Amid calls for his removal, Mr Emefiele asked a court to declare him fit to seek the country’s top job without leaving office. The lawsuit failed.

Mr Emefiele only backed down after the president subsequently directed all government appointees seeking elective offices to resign first.

Buhari said the removal of the CBN Governor does not rest solely on him.

“The CBN governor is appointed by the President. But this appointment is subject to confirmation by the Nigerian Senate,” he said.

“Ultimately, it will be for the CBN’s board of directors to determine whether a CBN governor’s actions have fallen foul of the laws in place to ensure he can most effectively carry out his duties.

“But there is a subtext to the accusations. Because the governor follows a model outside of the economic orthodoxy, he is labeled political. But the orthodoxy has proved wrong time and again.

“Instead, the governor is following an alternative economic model that puts people at the heart of policy. Nigeria should be free to choose its development model and how to construct our economy, so it functions for Nigerians” he said.