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Senator Nwoko blames fall of naira on racketeers, vested interests

Written by on April 7, 2024

The senator representing the Delta North senatorial district at the National Assembly, Ned Nwoko, has attributed the fall of the naira to racketeers and vested interests in the country.

He spoke when he played host to the Integrity Group of Delta State at Idumuje-Ugboko, Aniocha North LGA, where he was honoured as well as invested as the patron of the group.

He equally blamed the Nigerian government and the citizens for the devaluation of naira.

According to him: “We have not been fair to ourselves regarding the nation’s currency. We have boxed naira to the floor. It is only in Nigeria that foreign currencies thrive side-by-side with naira.”

Nwoko said to curtail the trend he decided to propose a bill for an act to alter the CBN Act, to prohibit the discriminatory use of foreign currency payment for remuneration and for matters connected therewith.

“If you travel abroad you hardly hear of other currencies except theirs but in Nigeria some people are paid with foreign currencies. It must stop if we must get our economy working. We have gotten our independence yet it appears we still don’t know what it takes to be an independent nation.

“Our foreign reserves is in US whereas the US foreign reserves is in their country likewise China. China understands that for them to grow as a nation their sovereignty must reside in China. Nigerians need to be born again,” he declared.

On why he is focusing on bills that affect the people directly like the One-Month Rent Limitation and Landlord Registry Act, he said: “That is why I am in the Senate to serve the people. And it is easy for me to draft bills as a lawyer and also having spent considerable time abroad.”

On how to combat insecurity in the country, he pointed out that he sponsored the Self-Defense and Firearm Ownership Regulation Act, to enable Nigerians be able to defend themselves against any attack, noting that the bill makes provisions for anyone willing to own firearms to undergo a shooting range tutorial, get their kings, chiefs, CP, and LGA permits as well as certificate on mental fitness.

Senator Nwoko blames fall of naira on racketeers, vested interests


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