In an assessment of Nigeria’s economic turmoil, former Minister of Finance, Kalu Idika, expressed profound concern over the country’s foreign exchange crisis, suggesting it merits a place in the Guinness World Records.
His remarks followed President Bola Tinubu’s recent claims about his potential inclusion in the prestigious records for his political achievements.
Join our WhatsApp ChannelDuring an appearance on Channels Television’s Sunrise Daily, Idika highlighted the depreciation of the Nigerian naira against the dollar, currently exceeding N1,000 at the parallel market. This exchange rate surge has triggered widespread price hikes across essential commodities.
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The former minister articulated his astonishment at the downfall of the country’s currency, emphasizing, “How we manage to have an exchange rate depreciate from about 1 to 1 in the eighties to over N1,000. That requires a Guinness Book of Records.”
Reflecting on President Tinubu’s earlier comments, Idika stated, “Maybe the president is right. I don’t think we quite got the extent of his thinking. If you look at Nigeria with the sheer size of our economy, the sheer size of our population, and the resources we have, we really deserve a Guinness Book of Records.”
Idika’s direct speech underscored the gravity of Nigeria’s economic challenges, shedding light on the dire need for measures to address the currency crisis and stabilize the economy
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
