‘We need to stop bleeding of our finances,’ Tinubu opens up on fuel subsidy , exchange rates

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President Bola Tinubu said on Thursday he approved the unification of the foreign exchange rates in the official and black markets to end the financial haemorrhage in Nigeria.

The president, who stated this in a statement issued by his media aide, Dele Alake, said he could have benefited from the rot by allowing it to continue but opted to act in the interest of Nigerians.

He said: “I could afford to share the benefit by participating in the arbitrage, but God forbid! That’s not why you voted for me.”

Tinubu stressed that the decision to unify the exchange rates alongside the fuel subsidy removal was to stop the bleeding of the country’s finances.

The president insisted that it was important to end fuel subsidies and unify the multiple foreign exchange rates in the early days of his government.

READ ALSO:Why Buhari delayed fuel subsidy removal, forex unification – Garba Shehu

“We need to take the steps to stop the bleeding of our finances through speedy action on fuel subsidy. We have no choice.

“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,” the president added.

Tinubu had in his inaugural address on May 29 ended the fuel subsidy regime after several failed attempts by successive governments in the country.

He also approved the unification of the naira-to-dollar exchange rates in a bid to stabilize the Nigerian currency.

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