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National Tribune

Flagging The Conscience Of Truth

Tinubu’s Decision to Unify Foreign Exchange Rates Saves Nigeria from Economic Hemorrhage

ByWeb Manager

Jun 30, 2023

Lagos, Nigeria – President Bola Ahmed Tinubu addressed a civic reception in Lagos yesterday, revealing his decision to unify the official and parallel market rates of foreign exchange. He emphasized that this action was taken to safeguard the nation from financial turmoil, despite the potential personal gains he could have obtained from maintaining multiple exchange systems.

During the event, held at the Lagos House in Marina, President Tinubu drew parallels between this decision and his previous stance on fuel subsidy removal. He affirmed that his choices were driven by the best interests of the country, rather than personal benefits.

“I could have chosen to participate in the arbitrage and reap the benefits, but that is not why you elected me,” President Tinubu stated firmly, expressing his dedication to the welfare of the Nigerian people.

He stressed the urgency of taking decisive actions early on in his administration, particularly in addressing the issue of fuel subsidy. President Tinubu asserted that such steps were crucial to halt the financial hemorrhage experienced by the nation, leaving no alternative but to act swiftly.

Furthermore, the President emphasized the need for effective resource management, stating that his government would re-engineer control and allocation systems to fulfill obligations to Nigerian citizens. He urged political officeholders to utilize available resources responsibly, ensuring their optimal utilization for the betterment of the country.

President Tinubu seized the occasion to rally the support of the attending governors, calling for collaboration to achieve equitable development across the nation.

“Let us work together with an open-door policy. Together, we will guide Nigeria back to economic resilience. I urge you to join me as partners in rescuing our land and transforming it into a rejuvenated nation,” President Tinubu implored.

Governor Babajide Sanwo-Olu of Lagos State expressed his elation and gratitude for President Tinubu’s leadership. Describing him as a skilled manager of both human and financial resources, Governor Sanwo-Olu commended the President’s ability to revitalize the country’s economic prospects.

Chairman of the Nigeria Governors’ Forum (NGF) and Governor of Kwara State, Abdulrahman AbdulRazaq, conveyed the forum’s support for President Tinubu’s vision. Regardless of party affiliations, Governor AbdulRazaq assured that state chief executives were prepared to cooperate closely with the President to enhance the well-being and security of all Nigerian citizens.

“The NGF is thrilled to have both the President and Vice President as alumni of our forum. We are dedicated to working with a leader who champions federalism and accomplishes tasks within a truly federal system. We reiterate our commitment to a renewed hope agenda, transcending partisan boundaries,” Governor AbdulRazaq affirmed on behalf of the NGF.

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