I will scrap fuel subsidy, multiple exchange rates – Tinubu

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Lagos, Dec. 23, 2022 – Chief Bola Tinubu, the Presidential Candidate of All Progressives Congress (APC), on Thursday said he would scrap multiple exchange rates and remove petroleum subsidy if elected in the 2023 election.

He also promised to fix power, guarantee ease of doing business in the country and introduce student loans.

Tinubu, who spoke in Lagos at a luncheon with business entrepreneurs, said he would mobilise Nigerians to turn current challenges into opportunities to foster development, stressing that business and insecurity could not be good companions.

Tinubu said he acknowledged scarcity of foreign exchange and the multiple exchange rates as challenges and promised to take necessary actions to eliminate them.

“I am no CBN, but I know that could go away if I am the president. When you vote for me, write it down and confront me when it is time.”

Tinubu also said that petrol subsidy payment had posed challenges to the government, stressing that the era when petrol subsidy was fashionable had gone.

 “The Petroleum Act is there for us to take a second look at to meet our obligations and no matter how much or long the protest, we will remove petrol subsidy.

“We will take tough decisions, but it will be done and that is the truth.

“The era when fuel subsidy was fashionable is gone. So, it must be removed. We can invest the money wisely, for instance in health as some of you have said. 

“No matter how long you protest, we will remove subsidy. We can do it. We are educated enough. How can we subsidise fuel consumption for Cameroon, Niger, Benin Republic and some others?

“Other economies are already building charged stations, but we are yet to generate electricity to even roast plantain.

“Electricity is the most important discovery for humanity in the last 1,000 years and so, we must have electricity whichever way and by all means possible. I can also promise you will not pay for estimated billing. We will talk and walk our talk.

“Please let us do it, we can do it, we are educated enough, we are courageous enough, we are great people. A promise made will be a promise kept,” he said. (GBN)

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