Tinubu To Review CBN’s Naira Redesign Policy, Says Emefiele Harshly Applied Plan

Tinubu Vows To Fulfil N200 Dollar Rate Promise, Fuel Subsidy Removal, Others

1 year ago
1 min read

The President-elect, Bola Tinubu, has reiterated his commitment to fulfilling his campaign promises, some of which include achieving N200 dollar rate and subsidy removal.

During his tour of Rivers State on Thursday, Tinubu stated that his administration, which is expected to commence on May 29, 2023, will lead to reforms.

He made this known while inaugurating the Magistrates’ Court Complex built by Governor Nyesom Wike’s administration. The complex was named after a former Chief Judge of Rivers State, Justice Iche Ndu (retd.).

Tinubu said: “The reform is on the way; I am here with the hope that you will collaborate with me; I promise you my commitment to fulfil all political promises I made.”

Part of Tinubu’s campaign promises includes strengthening the Nigerian currency, the Naira, against the Dollar, to reduce the exchange rate to N200

He assured that both the fiscal and monetary policymakers will collaborate to stabilise the Naira against the US dollar, as both currencies exchanged at N462.88 kobo/$1 as of Thursday.

“My administration will collaborate with the Central Bank to harmonize the fiscal and monetary policy to achieve immediate stabilization of the value of the naira against the US dollars and other currencies and in the short term, strengthen the naira by boosting the supply of foreign currency and moderating demand.

“The short-term goal is to achieve a naira/dollar rate of 300 naira/US$ and gradually achieve a less than 200 naira rate over the next four years,” Tinubu declared.

Also, Tinubu had promised during the election campaign that he will remove the subsidy from fuel, stating that Nigeria is subsidising crude oil for other African countries, yet the majority of Nigerians are not benefiting from the subsidy.

President Muhammadu Buhari had promised to remove fuel subsidy during his eight years tenure, but he will be leaving his position at the end of May without keeping to the vow.

Buhari’s administration has decided to allow Tinubu’s government to make the decision, according to his Minister of Finance, Zainab Ahmed.


MOST READ

Follow Us

Latest from Business

Don't Miss

Invest Fuel Subsidy Removal Gains On Infrastructural Devt, NECA Advises Nigerian Govt

Invest Fuel Subsidy Removal Gains On Infrastructural Devt, NECA Advises Nigerian Govt

The Director-General of the Nigeria Employers’ Consultative Association