To stop the country’s finances from falling apart, President Bola Tinubu said on Thursday that he had unified the official and parallel market rates; he said that he could have kept the various foreign exchange systems in place before and benefited from them, but he didn’t do that. This was revealed at a civic reception held by the Lagos State Government in his honour at the Lagos House, Marina; he said he made the choice in the country’s best interest, just like he did when he got rid of the fuel subsidy. He could afford to take part in the arbitration and get a piece of the resources, but he said that wasn’t why people chose him.
The president stated that swift action was required immediately upon taking office. Prompt action on petrol subsidy will stop the bleeding of the country’s finance. The options are limited, he declared. President Tinubu stated that the administration would re-engineer the efficiency of control and management of the resources in order for political officeholders to fulfil their commitments to the people of Nigeria. He used the occasion to ask the governors in attendance to participate in helping him promote national development through collaborative efforts.
Collaboration among the officials will bring success to the administration.
An open-door policy will be implemented for them to work together. They will save Nigeria’s economy and bring it back from the brink. President Tinubu was grateful to the Lagos State Government for organising the reception and to his friends and associates who were present. He emphasized that he must complete the task at hand. Overwhelmed with happiness, Lagos State Governor Babajide Sanwo-Olu thanked guests and God for making President Tinubu the leader of the country. He regarded the president as a leader who might turn around the country’s economic fortunes due to his skillful management of human and financial resources.
AbdulRahman AbdulRazaq, Governor of Kwara State and Chairman of the Nigeria Governors’ Forum (NGF) expressed the group’s commitment to working with the federal government to improve conditions in Nigeria and reassure citizens. The fact that the president and vice president are both NGF alumni is a source of great pride for the organisation. They are determined to cooperate with a federalist who has demonstrated an interest in achieving results within a truly federal framework. They stress again that they will back a renewed hope agenda no matter the parties involved.
Other states should replicate the president’s excellent leadership.
In a speech made on behalf of the National Assembly, Senate President Godswill Akpabio expressed gratitude to President Tinubu for his role in facilitating the peaceful launch of the 10th National Assembly. The National Assembly, he said, is fully behind him, and Nigerians are proud of him. Mr. Akpabio has promised that they will do everything in their power legally to ensure his success. Also, Babatunde Fashola, a former governor of Lagos and past minister of works and housing, pleaded with governors and the people of Nigeria, saying that excellent administration should be reproduced across the 36 states.
Tajudeen Olusi, the leader of the Lagos Governor’s Advisory Council (GAC), took a deep recall of the past and said that the rise of President Tinubu was a pay-back occasion for the state of Lagos, which has made major contributions to the political development of Nigeria from the colonial era of Herbert Macaulay till the present day. Most of the country leaders were trained in Lagos. They are relieved that Lagos has provided Nigeria with a president for once. As a result, they may now take pride in their man. He added that his first 30 days in office have been praised as extraordinary by Nigerians.
Dignitaries and officials show support for the president’s decisions.
Lastly, present at the event were Vice President Kashim Shettima; the National Chairman of the All Progressives Congress, Abdullahi Adamu; the President’s Wife, Oluremi Tinubu; the Speaker of the House of Representatives, Tajudeen Abass; special advisers and Chief of Staff to the President, Femi Gbajabiamila. The event was also attended by current and former governors of different political parties who were showing their support for the president; the vote of thanks was given by Obafemi Hamzat, who is the Deputy Governor of Lagos.
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Tinubu unities exchange rate, shuns arbitrage – Those prompt actions will stop the wastage in the country’s finance. – Express your point of view.
I think it’s great that Tinubu is taking steps to unify the exchange rate and reduce arbitrage. These actions will help to prevent wastage in the country’s finances and create a more stable economic environment. It’s crucial that we work to create a sustainable financial system that benefits everyone in Nigeria, and I believe that these actions are a step in the right direction.
Tinubu’s decision to unify the exchange rate and shun arbitrage is a welcome move in stopping the wastage in Nigeria’s finance. By eliminating disparities and preventing opportunistic practices, these actions have the potential to contribute to the country’s economic stability and growth. However, it is essential to implement and enforce these decisions effectively while addressing other underlying issues affecting the country’s finances.
I just hope this uniting of exchange rate will make the economy better. Exchange rate for everybody is now at a similar rate, so nobody will actually have more than others. This should just help the economy to grow.
It’s fantastic that Tinubu is taking action to harmonize exchange rates and lessen arbitrage, in my opinion. These steps will contribute to reducing financial waste in the nation and fostering economic stability.
The attempt by president Tinubu to standardize exchange rates and forgo arbitrage is a welcome one in reducing financial waste in Nigeria. These steps could support the nation’s economic stability and expansion by eradicating inequities and avoiding opportunistic behavior.
I think it’s great that Tinubu is doing something to reduce arbitrage and standardize exchange rates. By taking these actions, the nation’s financial waste will be reduced, and a stable economy will be promoted.
Tinubu’s decision to eliminate arbitrage and establish a single exchange rate is a positive step towards restoring efficiency to Nigeria’s monetary system. These measures have the potential to improve the country’s economy by reducing inequalities and blocking exploitative practises.
The president has made a smart decision by unifying exchange rate and shunning arbitrage. The president shouldn’t stop there, he should also allow naira to dollar payment, instead of changing to dollar before you can do transaction. The president has done very well in this aspect. We hope for more from him
The president Tinubu intention concerning this nation is pure that is why he refuse to profit from the arbitrage of the exchange rate and that is why he ordered that the unities of the exchange rate. We should give the president a little more time before much judging his performers.