All Progressives Congress (APC) presidential Candidate, Asiwaju Bola Tinubu, has vowed to scrap multiple exchange rates and petroleum subsidy, if elected in next year’s election.
He also promised to fix power, guarantee ease of doing business in the country, and introduce students loan and ensure Youth are at the forefront of Government Policies.
The former Lagos State governor, who said a climate of security is germane to economic development, promised to mobilise Nigerians to turn current challenges into a big opportunity to foster development.
He emphasized that business and insecurity cannot be good companions.
The presidential candidate spoke in Lagos at a luncheon with business owners tagged: “Business Forward”. The meeting which held at ‘The Wings’, Victoria Island, was attended by eminent entrepreneurs.
At the event were Lagos State Governor Babajide Sanwo-Olu, Oando Plc Group Chief Executive Officer Wale Tinubu, former House of Representatives Speaker Dimeji Bankole, former Economic and Financial Crimes Commission (EFCC) Chairman Mallam Nuhu Ribadu, one-time Lagos State Finance Commissioner Wale Edun, and his Economic Planning and Information and Strategy counterparts – Yemi Kadozo and Dele Alake.
The entrepreneurs raised issues that are critical to investment survival, education, healthcare, electricity, investment climate, petroleum subsidy and multiple exchange rates.
The Central Bank of Nigeria (CBN) operates a multiple exchange rates regime with different rates adopted by different segments of the economy.
The operating exchange rates include the Nigerian Autonomous Foreign Exchange Rate Fixing (NAFEX), also called the Investors and Exporters (I&E) forex window, parallel market rate, International Air Transport Association (IATA) rate, Interbank Exchange Rate and Bureaux De Change (BDC) rate.
The parallel market rate is the most widely used rates for retail forex transactions, while the NAFEX window controls over 60 per cent of official foreign exchange deals.
The NAFEX is now the official rate, indicating a move towards exchange rate convergence.
The market has continued to digest the impact of the CBN adopting the NAFEX as its official exchange rate.
Tinubu, who acknowledged forex and the multiple exchange rates as challenges, said necessary actions should be taken to eliminate the menace.
He said: “I am no CBN, but I know that could go away, if I am the president. When you vote for me, write it down and confront me when it is time.”
Tinubu, who spoke on plans for ‘creating the path to a proud destination where Nigerians can be comfortably independent in a can-do society’, maintained that petrol subsidy must be removed.
The subsidy payment poses a major challenge to the government. Figures from the Nigeria Extractive Industries Transparency Initiative (NEITI) report showed that fuel subsidy gulped N316.7 billion in 2015; N99 billion in 2016; N141.63 billion in 2017; N722.3 billion in 2018; N578.07 billion in 2019; and N134 billion in 2020.
Asiwaju Tinubu, who rejected the payment, said: “The era when petrol subsidy was fashionable is gone”.
Reiterating his promise to remove petroleum subsidy, he said: “The Petroleum Act is there for us to take a second look at to meet our obligations and no matter how much or long the protest, we will remove petrol subsidy. We will take tough decisions, but it will be done, and that is the truth. The era when fuel subsidy was fashionable is gone. So, it must be removed. We can invest the money wisely, for instance in health, as some of you have said. No matter how long you protest, we will remove subsidy. We can do it. We are educated enough. How can we subsidise fuel consumption of Cameroon, Niger, Benin Republic and some others?”
“Other economies are already building charged stations, but we are yet to generate electricity to even roast plantain. Electricity is the most important discovery for humanity in the last 1,000 years and so, we must have electricity whichever way and by all means possible. I can also promise you will not pay for estimated billing. We will talk and walk our talk.
“Please let us do it, we can do it, we are educated enough, we are courageous enough, we are great people. A promise made will be a promise kept.”
Unveiling his plan for education, Tinubu said: “We will establish student loans and take care of the variables, a four-year course must be four years. When do you start, when do you end, when do you stand to be employed, what aspect of the loan is to be written off during NYSC. we will answer those questions because they have answers.”
The candidate solicited the input of the business community to make his plans more robust and encompassing.
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