Position Nigeria to join BRICS over de-dollarisation to ease pressure on Naira, Tinubu told

By KEMI KASUMU

Ndume acknowledged the reshuffle’s benefits but suggested that more “missing in action” ministers should be removed to improve overall government efficacy.

Nigerian Senator representing Borno South senatorial district, Alhaji Ali Ndume, has called on President Bola Ahmed Tinubu to expand on his “de-dollarisation” initiative by positioning Nigeria to join BRICS, a group of global economic powers comprising Brazil, Russia, India, China, and South Africa, currently headed by President of Russia, Mr. Putin.

ALSO READ: BRICS unveils game-changing payment system to challenge Western financial hegemony

The senator in a statement on Saturday October 26, 2024 made this call, according to a media report, noting that doing so could reduce dependency on the American dollar and benefit Nigerian businesses, particularly those engaged in trade with China, and ease pressure on the naira.

The DEFENDER several other media internationally had earlier reported that BRICS had unveiled game-changing payment system to challenge Western financial hegemony.

In a report authored by Dr. Marwa El-Shinawy, Academic and Writer, sourced from Daily News Egypt, it was said that “Despite the US administration’s denial of the significance of the BRICS alliance as a genuine geopolitical competitor to the existing global order, the success of BRICS is an undeniable reality.”

This was as – in a pivotal moment for the BRICS economic alliance – the “BRICS Pay” system was officially unveiled during the BRICS Business Forum held in Moscow a few days ago, as part of the ongoing BRICS summit for 2024. In a symbolic gesture of the group’s commitment to launching the system, BRICS payment cards were distributed to participants at the forum.

These promotional cards contained 500 Russian rubles, equivalent to approximately $5.20, and were utilized for purchasing coffee or souvenirs at the event. The cards featured a dual-sided design, with a QR code on one side and detailed instructions on how to use the card for payments on the other.

This initiative came in response to the United States’ use of the dollar as a tool for sanctions and the soaring levels of US national debt, prompting countries, particularly those in the BRICS group, to enhance the use of national currencies in international trade.

The unveiling of the BRICS payment system represents a significant advancement towards the goal of de-dollarization, a decision that has been long anticipated. This system has been under development for several years.

This mechanism is poised to disrupt the Western “SWIFT” system’s monopoly on global financial transactions. It represents a positive development for countries aiming to safeguard their sovereignty and commercial and financial freedoms.

According to media reports, BRICS nations have been working since 2019 to establish a unified payment system as part of a retail payment and financial transfer platform for member countries.

It will be recalled that President Muhammadu Buhari (2015-2023) had signed a currency economy pact with China to make Nigeria inporters pay directly to Beijing in Yuan as agaibst the existing order of dollar dependency.

The idea of the then President of Nigeria was that it was unthinkable to continue to pay in America for goods that are produced in and picked up from China and Yuan to Naira at the time was ¥1 to N54 against situation where dollar was $1 to N345.

It was believed that America frustrated that pact to prevent it from working until amidst Ukraine war, Russia and China initiated the BRICS Group’s economic, banking and payment system plan that has finally led to the launch of BRICS PAY at the summit in Russia recently.

In order to now leverage on the alternative provided by this, the Nigerian Senator, Ali Ndume, asked President Bola Tinubu to position the country to join the BRICS so as to save Nigeria of continued economic slavery to the American dollar and ease the burden that has pressured the Naira over the decades.

Cabinet reshuffle

Following the recent cabinet reshuffle, also, Senator Ali Ndume urged President Bola Tinubu to dismiss more ministers, insisting that some of them are underperforming.

In a statement on Saturday, the senator representing Borno South senatorial district commended Tinubu for introducing the Ministry of Regional Development, describing the move as a “masterstroke.”

Ndume acknowledged the reshuffle’s benefits but suggested that more “missing in action” ministers should be removed to improve overall government efficacy.

Additionally, Ndume recommended that Tinubu convene a National Economic Conference, involving the Ministry of Budget and Economic Planning, the National Economic Adviser, and prominent Nigerian economists to explore local solutions for Nigeria’s economic challenges.

“More needs to be done as some ministers are still ‘missing in action.

“I’m particularly pleased about establishing the Ministry of Regional Development to oversee regional commissions.

“The President’s decision to streamline ministries also exemplifies his commitment to reducing the cost of governance,” Ndume said.

Speaks on cabinet reshuffle

Following the recent cabinet reshuffle, also, Senator Ali Ndume urged President Bola Tinubu to dismiss more ministers, insisting that some of them are underperforming.

In a statement on Saturday, the senator representing Borno South senatorial district commended Tinubu for introducing the Ministry of Regional Development, describing the move as a “masterstroke.”

Ndume acknowledged the reshuffle’s benefits but suggested that more “missing in action” ministers should be removed to improve overall government efficacy.

Additionally, Ndume recommended that Tinubu convene a national economic conference, involving the Ministry of Budget and Economic Planning, the National Economic Adviser, and prominent Nigerian economists to explore local solutions for Nigeria’s economic challenges.

“More needs to be done as some ministers are still ‘missing in action.

“I’m particularly pleased about establishing the Ministry of Regional Development to oversee regional commissions.

“The President’s decision to streamline ministries also exemplifies his commitment to reducing the cost of governance,” Ndume said.

APC’s Udeogaranya faults cabinet reshuffle

Similarly, former presidential aspirant of the nation’s ruling All Progressives Congress (APC), Chief Charles Udeogaranya, faulted the reshuffle, describing it as poorly targeted and unlikely to achieve meaningful results.

In his statement, Udeogaranya argued that the reshuffle focused on the wrong areas and would do little to improve the nation’s economic situation.

“I am concerned that President Tinubu’s economic team isn’t even brainstorming,” Udeogaranya said.

He added that, “I, therefore, urge him to overhaul, reshuffle, and inject fresh talent with strong leadership skills into his economic team if he genuinely seeks a better economy for Nigeria and Nigerians.”