There are indications that the All Progressive Congress, APC, might split into sub-political parties as the merger has begun to lose its grip due to President Muhammadu Buhari’s contradictory economic policies.
Recall, that since the assumption of President Buhari, there have been series of rancour within the rank and file of the party as some of its members have been suspended within their ward, while others have been relegated to the background.
The crack on the wall seems to be taking a dangerous dimension, as there are speculations that the National Leader of the APC, Bola Tinubu, is not happy with Buhari over an alleged plan to implement strict recommendations from the International Monetary Fund, IMF.
Tinubu, was reported to have vehemently opposed the IMF-led economic program and the attendant austerity measures it will engender.
The recent disapproval is coming sequel to speculations making wave, that the Central Bank of Nigeria, CBN, had secretly devalued the Naira to exchange for N290 to the dollar against the N197.
Although, the CBN Governor, Godwin Emefiele, had denied the allegation through its Acting Director, Corporate Communications Department, Mr. Isaac Okoroafor, however, there are strong indications that the rumour might soon be a reality following the hike in petrol price from N86.50 to N145.
According to the Managing Director and Chief Executive Officer, Financial Derivatives Company Limited, Mr. Bismarck Rewane, Naira devaluation at this time is inevitable.
He said, “Definitely, at this point in time, the official price of the Naira is not appropriate.“So, they will have to take a look at that and come up with an exchange rate policy that will take all of this into full consideration.“I have said it all along that you will need to adopt an exchange rate policy that is flexible. That is what we have to do. You have to adopt an exchange rate policy”.
With the realities on ground, President Buhari, might eventually bow to pressure, thereby causing a row in his party as members are presently not happy with the current economic hardship, following hike in electricity tariff and fuel pump price.
The APC was formed in 2013, in alliance with the Action Congress of Nigeria, ACN, the Congress for Progressive Change, CPC, the All Nigeria Peoples Party, ANPP, and a faction of the All Progressives Grand Alliance, APGA.
Inflation is currently pegged at 13.7 percent from 12.4 percent last month, the highest level since August 2010.
According to the National Bureau of Statistics, NBS, average petrol price for April, sold for N162.82, compared to N135.69 in March, up 56 percent year on year and 20 percent month on month.
Highest price of petrol were recorded in Imo (N203.48), Ekiti (N202.78), Osun (N193.85), Anambra (N193.85), while lowest price of petrol were recorded in Lagos (N92.59), Abuja (N107), Oyo (N113.65), and Zamfara (N114.54).
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