Former Senate Leader and Senator representing Borno South, Mohammed Ali Ndume, has praised President Bola Ahmed Tinubu‘s administration for its initiative to pursue de-dollarisation of the Nigerian economy, deeming it a courageous and necessary strategy.
In a statement issued to newsmen on Saturday, Ndume emphasized that with diligent implementation, the policy could significantly strengthen the naira and enhance trade relations with countries that do not rely heavily on the U.S. dollar.
De-dollarisation involves a marked reduction in the use of the U.S. dollar in international trade and financial dealings, leading to decreased demand for the currency at national, institutional, and corporate levels.
Ndume expressed his support for Tinubu’s administration to push forward this initiative, suggesting that Nigeria should consider joining BRICS—an alliance of Brazil, Russia, India, China, and South Africa—countries that have seen success in diminishing their reliance on the dollar in international transactions.
He highlighted the benefits the move could have for Nigerian importers, particularly those sourcing goods from China, enabling them to bypass the dollar and lessen the strain on the naira.
“This policy, if fully implemented, will drastically reduce the pressure on the naira and facilitate a stronger economy,” Ndume stated, commending the president for taking such decisive economic actions at a crucial time.
Additionally, Ndume called on President Tinubu to organize a National Economic Conference led by the Ministry of Budget and Economic Planning and supported by prominent Nigerian economists, such as Ngozi Okonjo-Iweala and Akinwumi Adesina, to formulate local solutions for revitalizing the economy.
He argued that these home-grown recommendations would be more beneficial than those proposed by international institutions like the IMF and World Bank, which can be harsh on ordinary citizens.
On security issues, Ndume recently advocated for hiring military contractors to combat Boko Haram in Borno State and commended the government’s acquisition of military aircraft to bolster efforts against banditry and insurgency.
He called for increased recruitment within the armed forces and urged for better training, equipping, and morale-boosting measures for security personnel.
In his concluding remarks, Ndume hailed the recent cabinet reshuffle by President Tinubu as a “masterstroke” and commended the establishment of the Ministry of Regional Development to supervise regional commissions, though he noted that some ministers still appeared inactive.
He also praised the president’s efforts to reduce governance costs amid economic challenges, underscoring the importance of these reforms for Nigeria’s growth and stability.
In a related development, President Tinubu has appointed Sunday Dare, former Minister of Youth and Sports, as Special Adviser on Public Communication and Orientation.
Dare will be operating from the Ministry of Information and National Orientation, taking a key role in shaping public discourse and managing national communication strategies.
The announcement, made on Wednesday, coincided with significant changes in President Tinubu’s cabinet.