GOVERANCE

Nigeria Witnessed Flaw Financial System Under Emefiele- Tinubu

 

President Bola Tinubu for the first time spoke about the tenure of the suspended Central Bank of Nigeria ( CBN) Governor Godwin Emefiele, expressing his concerns about the financial system under the suspended CBN governor.

Tinubu criticised the financial system during an interactive session with Nigerians in the Diaspora in France, stating that it was rotten.

He attributed the reluctance of many Nigerians in the diaspora to remit money home to the multiple exchange rates within this flawed financial system.

However, Tinubu assured the audience that the situation had changed, mentioning that the authorities were taking action to address the issues.

“Then the financial system was rotten,” he said.

He added: “Few people were making bags of our money and then you yourself, you stopped sending money home to our poor parents. Several windows… but that is gone now, it’s gone.

“The man is in the hands of the authorities. Something is being done about that. They will sort themselves out.”

Tinubu also discussed the decision to remove the fuel subsidy and highlighted the initial skepticism he faced from associates and friends when he announced its removal.

Prior to his inauguration on May 29, Tinubu revealed that discussions with his team had omitted the issue of subsidy removal, as they were unsure about its feasibility. However, once he assumed office, Tinubu felt determined to address the subsidy, which he believed hindered Nigeria’s growth. He recounted the moment he made the announcement, emphasizing that he was resolute in his decision and called for an end to the subsidies.

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The President highlighted the negative impact of the subsidy, mentioning the drain on resources, the enrichment of a select few, and the subsidization of neighboring countries through smuggling. Tinubu shared his vision of a mutually beneficial relationship with Benin Republic, stating that the fuel subsidy was the key factor that needed to change for this to be realized. He acknowledged the challenges that lay ahead but expressed confidence in Nigeria’s ability to survive and thrive without the subsidy.

His words: “Some countries were bleeding us. Courage was missing.

“Sometimes I became an advocate of it. Remove this thing. But God gave me the opportunity when I danced around, strategised with my team.

“We won the Presidency, and the day I was declared winner, I fell almost sick with joy.

“A few friends visited me rejoicing. So I asked the question: ‘You asked me to bring this trophy. This victory, what do you do with it?’

“I brought it. I won. We must achieve with it. We must change Nigeria with it. And then Wale Edun and co, we started debating, putting my speech together without the question on subsidy.

“I got to the podium, I was possessed with courage, and I said subsidy is gone. They thought it was the joke of the century until I called NNPC.

“We are tired of feeding smugglers, making few people rich and subsidising the next door neighbour.

“I met with the President of Benin Republic today (yesterday). Everybody is equal now. We are friends. We are conjoined twins, joined at the hips. How we will separate from each other is this fuel subsidy. Let us see whether we will survive or not. But we are going to survive you.”

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Tinubu said the palliatives for Nigerians to cushion the effect of the removal on subsidy were being worked out.

On the strike threatened by organised Labour against the fuel subsidy removal, Tinubu said workers could not be asking for palliative, salary increase and transportation and still want the old order to remain.

He said: “You want money increase in palliative, transportation… what are you protesting about? Are you sharing part of the subsidy? If you protest I will join you and protest against. And they stopped. No protest

“Palliatives we will get, but we have to save the money in order to embark on palliative.”

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