Home » I unified forex rates to save Nigeria from financial bleeding – Tinubu

I unified forex rates to save Nigeria from financial bleeding – Tinubu

by Samson Echenim

Nigeria’s president, Bola Ahmed Tinubu on Thursday in Lagos said he enforced the executive order to unify foreign exchange rates in the country to save Africa’s largest economy from acute financial hemorrhage.

The president had early this month ordered the Central Bank of Nigeria (CBN) to unify the official and parallel market rates.

Speaking at a civic reception organised in his honour by the Lagos State Government at the Lagos House, Marina, President Tinubu said he took the decision in the nation’s best interest just like he did with fuel subsidy removal.

“I could afford to share the benefit by participating in the arbitrage, but God forbid! That’s not why you voted for me,” he said.

The President said it was imperative to take those decisive actions in the early days of his administration.

“We need to take the steps to stop the bleeding of our finances through speedy action on fuel subsidy. We have no choice,” he said.

President Tinubu said as a way of ensuring good use of available resources, the government would “re-engineer the effectiveness of the control and management of our resources in order to meet the obligations to Nigerians by political officeholders.”

The President used the opportunity to solicit the support of governors present at the event to work with him in ensuring even development of the country.

“We will work together with an open door policy. We will bring Nigeria from the brink to a resilient economy. I want us to be partners so that we can rescue our land and make it a born-again nation.”

An elated President Tinubu, who was thankful to the Lagos State Government for putting together the reception and to his friends and associates who attended, apologised to some of his friends in the audience who, he said, had been yearning to see him but could not, because of the demands of his office.

“The assignment is greater than the love of the living room. We got to do the job,” he said.

Lagos State Governor Babajide Sanwo-Olu, described the president as a competent manager of human and financial resources with the midas touch to turn around the economic fortunes of the country.

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