Nigeria’s President Bola Tinubu stated on Thursday during a civic reception held in his honor at the Lagos House, Marina, that he had the option to retain the existing multiple foreign exchange rate systems he inherited upon assuming office. However, he made the deliberate choice to unify the official and parallel market rates in order to safeguard the nation from a severe financial crisis. He emphasized that this decision was crucial to saving Nigeria from a financial crisis Drawing a parallel with his stance on fuel subsidy removal, President Tinubu highlighted that he prioritized the nation’s best interests over personal gain.
Addressing the audience about the unification of the exchange rate windows, President Tinubu expressed his commitment to serving the people and fulfilling their trust. He acknowledged that although he could have engaged in arbitrage and shared the benefits, he refused to compromise the purpose for which he was elected. According to him, maintaining Nigeria’s financial stability and preventing further economic losses necessitated taking decisive actions in the early stages of his administration.
“I could afford to share the benefit (of multiple exchange rate windows) by participating in the arbitrage, but God forbid! That’s not why you voted for me,” he said.
The President stressed the urgency of addressing the financial hemorrhage caused by the fuel subsidy. He asserted that the government had no alternative but to take immediate steps to halt the financial bleeding. Furthermore, President Tinubu emphasized the need to ensure effective control and management of available resources, with a focus on meeting the obligations owed to Nigerian citizens by political officeholders.
“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.
Seizing the opportunity, President Tinubu called upon the Governors present at the event to collaborate with him in promoting equal development across the country. He proposed an open-door policy and envisioned a collective effort to transform Nigeria into a resilient economy. The President aimed to establish partnerships that would enable the nation’s recovery and contribute to its rejuvenation.
Tinubu on Merging Exchange Rate Windows
Expressing gratitude to the Lagos State Government, President Tinubu thanked them for organizing the reception. He also extended his appreciation to friends and associates who attended the event, apologizing to those he couldn’t meet due to the demands of his office. Highlighting the gravity of the assignment at hand, he affirmed that his responsibilities surpassed personal comfort, emphasizing the importance of fulfilling the obligations of his position.
Governor Babajide Sanwo-Olu of Lagos State, overwhelmed with joy, expressed his appreciation to God for appointing President Tinubu as the leader of Nigeria. He commended the President’s competence in managing human and financial resources and his ability to turn around the country’s economic fortunes.
Governor Abdulrahman AbdulRazaq, speaking on behalf of the Nigeria Governors’ Forum, reiterated their commitment to cooperate with the President, irrespective of party affiliations. He emphasized their readiness to work together to enhance the nation’s prosperity and safety for all citizens, emphasizing a collective pursuit of a renewed hope agenda.
Senator Godswill Akpabio, speaking on behalf of the National Assembly, expressed gratitude to President Tinubu for his leadership during the establishment of the 10th National Assembly. He pledged the full legislative support of the National Assembly to ensure the President’s success.
Former Governor of Lagos, Mr. Babatunde Fashola, appealed to governors and Nigerians not to leave the task of remaking Nigeria solely to the President. He stressed that good governance should be replicated across all 36 states, emphasizing the need for collective efforts in rebuilding the nation.
Reflecting on President Tinubu’s emergence, Pa Tajudeen Olusi, leader of Lagos Governor’s Advisory Council (GAC), considered it a deserved recognition for Lagos State. He acknowledged the pivotal role Lagos played in the political evolution of Nigeria and expressed pride in the President’s achievements during his first 30 days in office.
The event witnessed the presence of Vice President Kashim Shettima, Oluremi Tinubu (wife of the President), Abdullahi Adamu (All Progressives Congress National Chairman), and other distinguished guests including members of the National Assembly and prominent political figures from across party lines. Lagos State Deputy Governor, Obafemi Hamzat, delivered the vote of thanks, extending gratitude to all attendees and demonstrating solidarity with the President.