Tinubu said he unified the exchange rates to save the country from financial hemorrhage.
President Bola Ahmed Tinubu has once again justified his decision to unify the official and parallel market rates, saying he could have maintained the hitherto multiple foreign exchange systems and benefit from it.
The President disclosed this while speaking at a civic reception organised in his honour by the Lagos State Government at the Lagos House, Marina, on the evening of Thursday, June 29, 2023.
In a statement by his Special Adviser on Special Duties, Communications and Strategy, Dele Alake, Tinubu explained that his decision to float the currency was 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, adding that “We need to take the steps to stop the bleeding of our finances through speedy action on fuel subsidy. We have no choice,”.
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.”
He also 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,” he noted.
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, who was overwhelmed with joy, while appreciating guests, expressed gratitude to God for making Tinubu the leader of Nigeria.
He described him as a competent manager of human and financial resources with the midas touch to turn around the economic fortunes of the country.
Speaking on behalf of the Nigeria Governors’ Forum (NGF), Kwara State Governor and Chairman of the forum, Abdulrahman AbdulRazaq, pledged that state chief executives, regardless of party affiliations, were ready to cooperate and work with the President to ensure the country becomes better and safer for all citizens.
“NGF is excited that both the President and Vice President are alumni of the Governors’ Forum. We are committed to work with a federalist who worked to get things done in a truly federal system. We reiterate our support for a renewed hope agenda regardless of our parties,” AbdulRazaq said.