Bola Ahmed Tinubu, a presidential contender for the All Progressive Congress (APC), asserts that if elected, Nigerians won’t have to deal with the challenge of shifting foreign exchange (FX) rates.
Tinubu spoke on Thursday at a luncheon for business entrepreneurs named “business ahead” in Lagos.
Two foreign exchange (FX) markets exist in Nigeria today: the central bank’s official rate and the parallel market, also referred to as the black market.
The Central Bank of Nigeria (CBN) has consistently stated that the parallel segment comprises less than 1% of forex transactions and should never be utilized to establish the exchange rate, even if it is more accessible to dealers and companies that use FX.
Speaking at the ceremony, Tinubu declared that if elected, Nigerians would no longer be required to pay for power on an estimated basis.
In an electrical payment system known as estimated billing, the distribution companies (DisCos) handle the billing without the use of any meters (postpaid or prepaid). Customers are typically overcharged for the power they use as a result.
“By all means, you must have electricity. And you won’t pay for estimated billing anymore. When I become president, multiple exchange rates will go away. Write it down,” he said.
“My discussion today is to inspire so that the promise of today can be a reality tomorrow. We promise you, we will bring prosperity to Nigeria.”
Further, the presidential candidate stated that Nigeria will no longer continue to subsidize fuel use in its neighboring nations and pledged to make bold decisions that will revive the economy, including eliminating fuel subsidies. He promised to transform obstacles into chances for growth.
How is it possible that we are financing the fuel needs of Cameroon, Niger, and the Benin Republic? No matter how long you continue to object, we will end the subsidies. We are capable of doing it. We have enough education, Tinubu stated.
The former governor of Lagos vowed that his administration would provide a favorable environment for the private sector to flourish.
He declared that his government will not meddle in activities that the private sector excels in.
“Our guiding principle regarding economic policy shall be to provide the right policy framework so that business can flourish,” Tinubu said.
“But I want to do more than help existing businesses to exist. We must create the space where new sectors and lines of business can open. We must grow this economy so that it can accommodate over 200 million people with a decent standard of living.
In order to improve economic prospects, reduce corporate costs and overheads, and create jobs that stimulate further growth and development through higher consumer demand, my administration will work in partnership with the private sector to implement a large infrastructure renovation. This is the positive economic cycle that we want to establish.
“From our national infrastructural campaign to our national portable water campaign and plans to reticulate major dams, our intention is to leverage public private partnerships to attract private sector investment along the critical path leading from modernisation of infrastructure to realization of sustainable, yet significant economic growth.
“Please also note the various sectors in which we have promised fiscal incentives, tax breaks, tax credits, rebates and access to finance.
“My aim is to develop local manufacturing and value-added businesses. My aim is to deepen consumer lending, increase affordable housing and provide business owners with low-cost loans to modernise operations and improve productivity. My aim is to reform the structural foundation of our economy. To accomplish this major feat, government and the private [sector] must work hand in hand.
“Our policy will further stimulate our world-leading start-up ecosystem. I want our brilliant entrepreneurs to continue to innovate our people out of poverty and lead us towards the path of prosperity.”
Leave a Reply