President Bola Tinubu says the country’s financial system in the hands of Godwin Emefiele, the suspended governor of the Central Bank of Nigeria (CBN), “was rotten”.
The President spoke during an interactive session with Nigerians in the Diaspora resident in France and neighbouring European countries, on the sidelines of the New Global Financing pact Summit in Paris.
The multiple exchange rates under the ‘rotten’ financial system, according to him, was largely responsible for the reluctance of many Nigerians in the diaspora to remit money home.
But he said all that is now a thing of the past.
“Then the financial system was rotten,” he said.
He added: “Few people were making bags of our money and then you yourself, you stopped sending money home to our poor parents. Several windows… but that is gone now, it’s gone.
“The man is in the hands of the authorities. Something is being done about that. They will sort themselves out.”
Tinubu, who also spoke on the decision of the federal government to do away with the fuel subsidy, said some of his associates and friends thought he was joking when he declared that the subsidy era was gone.
He recalled how his associates he had assembled to put his plans and speeches together ahead of his May 29 inauguration left the issue of subsidy removal out.
He said since he was determined to put an end to the subsidy which has been a stumbling block to Nigeria’s growth, he was seized by courage to make the announcement once he mounted the podium to deliver his speech.
His words: “Some countries were bleeding us. Courage was missing.
“Sometimes I became an advocate of it. Remove this thing. But God gave me the opportunity when I danced around, strategised with my team.
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“We won the Presidency, and the day I was declared winner, I fell almost sick with joy.
“A few friends visited me rejoicing. So I asked the question: ‘You asked me to bring this trophy. This victory, what do you do with it?’
“I brought it. I won. We must achieve with it. We must change Nigeria with it. And then Wale Edun and co, we started debating, putting my speech together without the question on subsidy.
“I got to the podium, I was possessed with courage, and I said subsidy is gone. They thought it was the joke of the century until I called NNPC.
“We are tired of feeding smugglers, making few people rich and subsidising the next door neighbour.
“I met with the President of Benin Republic today (yesterday). Everybody is equal now. We are friends. We are conjoined twins, joined at the hips. How we will separate from each other is this fuel subsidy. Let us see whether we will survive or not. But we are going to survive you.”
Tinubu said the palliatives for Nigerians to cushion the effect of the removal on subsidy were being worked out.
On the strike threatened by organised Labour against the fuel subsidy removal, Tinubu said workers could not be asking for palliative, salary increase and transportation and still want the old order to remain.
He said: “You want money increase in palliative, transportation… what are you protesting about? Are you sharing part of the subsidy? If you protest I will join you and protest against. And they stopped. No protest.
“Palliatives we will get, but we have to save the money in order to embark on palliative.”
Africa remains centre piece of Nigeria’s economic, foreign policies
Also yesterday, Tinubu met with President Alain Berset of Switzerland and President Patrice Talon of Benin Republic on the sideline of the Paris summit.
He told Talon during their meeting that Nigeria will sustain its spotlight on African countries as the fulcrum of its policies on economy and foreign policy.
He pledged that trade issues, security and border controls would be mutually implemented.
Bilateral relations with African countries, particularly at the sub-regional level, he said, would be enhanced for shared benefits in areas of security, health, energy, education and diplomacy.
“We are ready to improve relations. Africa has been the centre piece of Nigeria’s foreign policy,” he said.
“I believe in Africa. We have the necessity to grow the continent. The world’s economy is wobbling and Africa has been left behind.
“On risk factors, Africa is always placed high, with higher interest rates on borrowing. We are always classified as high risk. We must work together for systematic recovery and growth,” he added.
President Tinubu described Nigeria’s relations with Benin as that of a Siamese twins joined at the hips and supported by other friendly countries.
“We must recognise the fact that we need each other. We are in a loop and no one should separate us,” he stated, stressing that his administration would always be open and accessible to Nigeria’s neighbours.
“I just appointed someone who will work with you as Comptroller General of Customs, Adewale Bashir Adeniyi, and he will be available for our common interest,” the President noted.
The President of Benin said he was inspired with renewed hope for the sub-region and Africa at the inauguration of Tinubu in Abuja, pledging to provide support on trade and security policy, especially at the borders.
“We are prepared to work with you, Your Excellency, in implementing policies that will protect our economies at land and sea entries. Whatever is forbidden in Nigeria will also be forbidden in Benin,” Talon added.
President Tinubu also had bilateral meetings with the President of the African Development Bank, Dr Akinwunmi Adesina.
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