President Bola Tinubu has shed light on his decision to unify the official and parallel market exchange rates in Nigeria. Speaking at a civic reception in Lagos, Tinubu revealed that he could have benefited from the multiple foreign exchange systems he inherited upon assuming office, but instead chose to unify the rates to prevent the country from experiencing severe financial losses. He emphasized that his actions were driven by the best interests of the nation and the trust placed in him by the voters.
“I could afford to share the benefit by participating in the arbitrage, but God forbid! That’s not why you voted for me,” Tinubu said.
During the civic reception organized by the Lagos State Government at Lagos House, Marina, President Tinubu expressed his commitment to prioritizing the country’s well-being over personal gain. He highlighted that although he had the opportunity to participate in arbitrage and profit from the multiple exchange rates, he refused to do so. He affirmed that he did not want to betray the trust of the Nigerian people who elected him into office.
The President Tinubu drew parallels between his decision to unify exchange rates and his previous action of removing fuel subsidies. He explained that both measures were necessary to address the financial challenges facing the country. Unifying the exchange rates was crucial to halt the financial bleeding and stabilize the nation’s finances.
According to the Special Adviser to the President on Special Duties, Communication, and Strategy, Dele Alake, President Tinubu aims promote economic stability emphasizing that such decisions were necessary for the long-term prosperity of the Country.
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 President 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.”
President of the Senate, Senator Godswill Akpabio, who spoke on behalf of members of the National Assembly, thanked President Tinubu for his leadership in smoothening the take-off of the 10th National Assembly.
“You will succeed. Nigerians are proud of you and the National Assembly is here for you 100 percent. We will do whatever is legislatively possible to make you succeed,” Akpabio said.
Immediate-past Minister of Works and Housing and former Governor of Lagos, Mr. Babatunde Fashola, pleaded with governors and Nigerians that the work of remaking Nigeria should not be left alone to the President, stating that good governance must be replicated across the 36 states.
Going down memory lane, leader of Lagos Governor’s Advisory Council (GAC), Pa Tajudeen Olusi, said the emergence of President Tinubu was a pay-back time for the state having contributed significantly to the political evolution of Nigeria since the colonial era of Herbert Macaulay till date.
“Those who have led this country were tutored in Lagos. We are grateful that the President of Nigeria this time finally came from Lagos. We have a man whom we are proud of. He has already started well and Nigerians have seen his first 30 days as remarkable.”
The event was also attended by the Vice President, Senator Kashim Shettima; wife of the president, Senator Oluremi Tinubu; All Progressives Congress National Chairman, Senator Abdullahi Adamu; Speaker of House Representatives, Special Advisers, Hon. Tajudeen Abass, and Chief of Staff to the President, Femi Gbajabiamila, among others.
Lagos Deputy Governor Obafemi Hamzat delivered the vote of thanks at the occasion which was also attended by serving and former govenors from across party lines in solidarity with the President.
