Segun Showunmi criticizes Pat Utomi over claims that Peter Obi can strengthen the naira to N500 by 2027.
Segun Showunmi, a prominent member of the All Progressives Congress (APC) Presidential Campaign Council, criticized Professor Pat Utomi on Friday following claims regarding Nigeria's future economic direction.
Utomi earlier stated that Peter Obi, the presidential candidate of the Nigeria Democratic Congress (NDC), could successfully strengthen the naira to N500 against the dollar if elected president in 2027.
Responding through an official statement, Showunmi dismissed the proposed exchange rate as completely unrealistic, according to information published by The Sun Nigeria.
Segun Showunmi faults Pat Utomi exchange rate claims
Showunmi described the N500 to dollar projection as a fundamental fallacy, arguing that such claims could easily mislead everyday Nigerians during political campaigns.
He emphasized that the statement clearly shows a lack of understanding regarding how the broader economy works and how foreign exchange rates are actually determined.
Why the N500 to dollar target is unrealistic
According to the APC chieftain, achieving a strong currency is not something that can happen simply because one individual assumes the office of the presidency.
He noted that the Nigerian economy is far too complex, involving multiple structural factors including domestic production, international exports, and foreign reserves.
Stop making unrealistic promises to Nigerians
Showunmi urged politicians to refrain from making empty promises solely for the purpose of winning votes during elections across the country.
He warned that unrealistic administrative declarations ultimately cause citizens to completely lose their trust in political leaders and democratic institutions.
Frequently Asked Questions
What did Segun Showunmi say about Pat Utomi?
Segun Showunmi criticized Pat Utomi for claiming that Peter Obi could strengthen the naira to N500 against the dollar by 2027, calling the assertion a fundamental fallacy.
Who is Peter Obi according to the report?
Peter Obi is identified as the presidential candidate of the Nigeria Democratic Congress (NDC) for the upcoming 2027 general elections.
Why did the APC chieftain call the N500 exchange rate unrealistic?
Showunmi argued that exchange rates depend on complex economic factors like production, exports, and foreign reserves rather than political declarations.
