All Progressive Congress (APC) presidential candidate Bola Ahmed Tinubu claims that if elected, Nigerians won't have to deal with the difficulty of fluctuating foreign exchange (FX) rates.
On Thursday in Lagos, Tinubu gave a speech at a luncheon for business owners called “business ahead.”
Nigeria now has two foreign exchange (FX) markets: the official central bank rate and the parallel market, sometimes known as the black market.
The Central Bank of Nigeria (CBN) has consistently stated that the parallel segment comprises less than 1% of forex transactions and should never be utilized to establish the exchange rate, even if it is more accessible to dealers and companies that use FX.
Speaking at the ceremony, Tinubu declared that if elected, Nigerians would no longer be required to pay for power on an estimated basis.
In an electrical payment system known as estimated billing, the distribution companies (DisCos) handle the billing without the use of any meters (postpaid or prepaid). Customers are typically overcharged for the power they use as a result.
You must have electricity, by all means. And anticipated billing will no longer be charged to you. There won't be various exchange rates after I'm elected president. He advised writing it down.
The purpose of my talk today is to uplift people so that tomorrow's promise might become a reality. You have our word that we will make Nigeria prosperous.
Further, the presidential candidate stated that Nigeria will no longer continue to subsidize fuel use in its neighboring nations and pledged to make bold decisions that will revive the economy, including eliminating fuel subsidies.
He promised to transform obstacles into chances for growth.
How is it possible that we are financing the fuel needs of Cameroon, Niger, and the Benin Republic？ No matter how long you continue to object, we will end the subsidies. We are capable of doing it. We have enough education, Tinubu stated.
The former governor of Lagos vowed that his administration would provide a favorable environment for the private sector to flourish.
He declared that his government will not meddle in activities that the private sector excels in.
However, I want to do more than just support already-existing firms. We must make room for new industries and commercial ventures to flourish. To accommodate more than 200 million people with a respectable level of living, this economy must expand. In order to improve economic prospects, reduce corporate costs and overheads, and create jobs that stimulate further growth and development through higher consumer demand, my administration will work in partnership with the private sector to implement a large infrastructure renovation. This is the positive economic cycle that we want to establish.
Our goal is to use public-private partnerships to entice private sector investment along the crucial path leading from infrastructure modernization to realization of sustainable yet significant economic growth. This includes our national infrastructure campaign, national portable water campaign, and plans to reticulate major dams. Please take notice of the numerous industries in which we have pledged financial access, tax credits, tax breaks, and rebates.
I want to grow value-added and manufacturing enterprises here at home. My goals are to enhance affordable housing, expand consumer lending, and offer company owners low-cost loans to help them modernize their operations and boost production. My goal is to change the economy's structural base.
Government and the private [sector] must collaborate to complete this important task.
Our strategy will encourage our industry-leading startup environment even more. I want our talented businesspeople to keep innovating to lift our people out of poverty and guide us along the road to wealth.
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