President Bola Ahmed Tinubu said that he chose to unify the official and parallel market prices in order to save the country from financial hemorrhaging.
President Tinubu has stated that he could have decided to keep the previously various foreign exchange rates and gain from them, but instead he made the move in the best interests of the nation, just as he did with the abolition of fuel subsidies.
He revealed this on Thursday during a reception hosted by the Lagos State Government at Lagos House, Marina.
“I could afford to share the benefit of the arbitrage, but God forbid!” That is not why you voted for me,” Tinubu was quoted as saying by his media aide, Dele Alake, in a statement.
The President stated that taking decisive actions in the early days of his administration was critical.
He also explained that his administration decided to stop the immediate payment of subsidy on petrol in the nation’s best interest.
“We need to take the steps to stop the bleeding of our finances through speedy action on fuel subsidy. We have no choice,” President Tinubu said.
“We will work together with an open-door policy. We will bring Nigeria from the brink of a resilient economy. I want us to be partners so that we can rescue our land and make it a born-again nation.”
