Election season is typically a time for presidential aspirants to prove their suitability for office to the electorate.
This time is no different. Just last week, one of the aspiring candidates communicated one of his proposed policies for Nigeria if elected—through a Twitter thread.
In one of the tweets, he remarked, "we will not use wage and price controls to fight inflation. Rather, we will pursue a contractionary monetary policy. We will mop up excess liquidity by reducing the money supply within an economy."
We will come back to this proposed contractionary policy but first, a look at why economists might have been puzzled by this announcement.
First, it's important to note that except this candidate plans to run for the office of the governor of the Central Bank of Nigeria (CBN), the president has no business meddling in monetary policy. Sure, he can advise the CBN governor or—more appropriately—suggest what policies he'd like to see the bank implement. But that's where his jurisdiction stops; he cannot implement policies on behalf of the central bank.