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Tinubu’s Aide Hits Back At Moghalu, Dismissing Critique On Nigeria’s Economy
....KINDLY READ THE FULL STORY HERE▶
Moghalu, in a series of tweets on Wednesday, asserted that the country is currently under incompetent leadership. Responding to Moghalu’s comments in a subsequent post on Wednesday, Ajayi argued that the former CBN official perceives his time in government as the ‘golden era of competence’ in managing Nigeria’s economy…CONTINUE READING

Ajayi contended that during the People’s Democratic Party (PDP) tenure, the nation experienced minimal progress in infrastructural development affecting the quality of life.
He also accused Moghalu, during his tenure as CBN Deputy Governor, of overseeing the looting of hundreds of millions of dollars under various guises.
The response continued, highlighting the unpaid salary and pension arrears, contractor debts, and abandoned projects during the period until 2015.
Ajayi dismissed Moghalu’s characterization of the post-2015 period as ‘incompetent leadership,’ asserting that the APC government paid off debts and witnessed substantial investments in critical economic infrastructure.
Ajayi pointed out the reconstruction of thousands of kilometers of roads across the country during President Buhari’s eight years. Additionally, he cited economic indicators that significantly declined from 2010 to May 2015, a period when Moghalu was Deputy Governor at CBN.
The response emphasized that by May 2015, Nigeria was already on the verge of recession with a GDP decline from a 7% growth rate to 2%.
Highlighting the drop in foreign reserves and the Excess Crude Account during Moghalu’s time in government, Ajayi challenged the notion that this period was a “golden era.
He concluded by asserting that not everyone suffers from memory loss and challenged Moghalu’s perspective on Nigeria’s economic management.
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