The Labour Party, led by Senator Nenadi Usman, has accused President Bola Tinubu of undermining the national currency by offering dollar-denominated cash gifts to members of the Super Falcons, warning that the gesture sends the wrong signal at a time when the naira is experiencing record depreciation.
Recall that President Tinubu had publicly announced that each member of the women’s football team would receive a reward “equivalent to $100,000” for their performance, a move the opposition party says contradicts ongoing efforts to restore confidence in the naira.
Reacting in a statement issued by her Senior Special Adviser on Media, Ken Eluma Asogwa, Senator Usman described the gesture as “utterly shameful” and “deeply unpatriotic.”
She argued that such a reward scheme in foreign currency further devalues the naira and reflects the administration’s lack of trust in Nigeria’s monetary system.
The statement pointed out, “Naira has been one of the worst-performing currencies in Sub-Saharan Africa, depreciating by approximately 43% year-to-date. The Tinubu administration overseeing the free fall of the Naira, from N500 to over N1,500 to the dollar, ends up promoting a mindset that elevates the dollar over the national currency.”
The LP expressed concern that rewarding national athletes in dollars could further erode confidence in the naira and send a damaging message to the public and investors about the strength and viability of the local currency.
The party also questioned the president’s patriotic stance, stressing that he bears a moral responsibility to promote the use of the naira, especially in official engagements and public incentives.
Senator Usman urged the government to reverse the trend by defending the national currency and restoring public confidence through policy measures that emphasize economic sovereignty and currency stability.
