Bola Ahmed Tinubu, the presidential candidate for the All Progressive Congress (APC), says that if he wins, Nigerians won’t have to deal with the trouble of changing foreign exchange (FX) rates.
Tinubu spoke at a lunch for business owners in Lagos on Thursday. The event was called “Business Ahead.”
Nigeria now has two foreign exchange (FX) markets: the official central bank rate and the parallel market, which is sometimes called the black market.
Even though traders and businesses that need FX can get to the parallel segment more easily, the Central Bank of Nigeria (CBN) has always said that it accounts for less than 1% of FX transactions and should never be used to set the exchange rate.
Tinubu said at the event that Nigerians would no longer have to pay estimated bills for electricity if he is elected.
Estimated billing is a way of paying for electricity in which the distribution companies (DisCos) bill customers without using meters (postpaid or prepaid). This usually means that customers are charged too much for the power they use.
“You must absolutely have electricity. And you won’t have to pay any more for estimated billing. When I become president, there won’t be more than one exchange rate. He said, “Write it down.”
“The point of what I’m going to say today is to give you hope so that what you dream of today can become real tomorrow. We promise you that Nigeria will be better off because of us.”
Further, the candidate for president said that he would make bold decisions that would turn the economy around. He said that one of these decisions would be to get rid of fuel subsidies, since Nigeria would not continue to pay for fuel used in neighboring countries. He said that he would turn problems into chances for growth.
“How can we help pay for Cameroon, Niger, and Benin Republic to use fuel? We will take away the subsidy no matter how long you protest. We can get there. Tinubu said, “We are smart enough.”
The former governor of Lagos also said that his government would make sure the private sector had room to grow.
He said that his government would not get involved in things that the private sector was already doing well.
Tinubu said, “Our guiding principle for economic policy will be to set up the right policies so that business can grow.”
“But I want to do more than just help businesses that are already around. We need to make room for new sectors and lines of business to start up. We need to grow this economy so that it can provide a decent standard of living for more than 200 million people.
My government will work with the private sector to make big changes to infrastructure that will improve economic opportunities, lower business costs and overheads, and create jobs that will increase consumer demand and lead to more growth and development. This is the kind of economy we want to build.
“From our national infrastructure campaign to our national portable water campaign and plans to reticulate major dams, our goal is to use public-private partnerships to get private sector investment along the critical path that leads from modernizing infrastructure to achieving significant but sustainable economic growth.
“Please also take note of the different areas where we have promised fiscal incentives, tax breaks, tax credits, rebates, and access to finance.
“My goal is to grow local businesses that make things and add value. My goal is to make it easier for people to get loans, to build more affordable homes, and to give low-cost loans to business owners so they can update their operations and make their businesses more productive. My goal is to change the way our economy works from the ground up. To pull off this huge task, the government and the private sector must work together.
“Our policy will help our startup ecosystem, which is the best in the world. I want our smart entrepreneurs to keep coming up with new ways to help our people get out of poverty and put us on the road to wealth.