President Bola Tinubu has allayed the concerns of the business community over foreign exchange obligations, saying that his administration will honour every legitimate contract and also assuring them that crucial plans are underway to improve foreign exchange liquidity.
The President gave the assurances while speaking at the 29th Nigerian Economic Summit (NES) in Abuja on Monday, expressing confidence that by working closely with the private sector, financing the N3 trillion national infrastructure stock can be achieved in 10 years and not in 300 years.
He said the construction of megacities in every geopolitical zone of the size and scale of Lagos must not take six decades because it can be achieved in one decade, emphasising that a fully networked and connected Nigeria by rail, gas, fibre optics, and road networks can be constructed in less than 20 years with thriving industrial zones in every geopolitical zone of Nigeria before 2030.
Tinubu said: “Consistent with our commitment to enshrining fairness and the rule of law in our country, this government will uphold the sanctity of every legitimate contract. Specifically, as it relates to the foreign exchange obligations of the government, all forward contracts that the government has entered into will be honoured, and a framework has been put in place to ensure that these obligations are met in due course.
“My government is not blind to the challenges that several of you are facing in the financial markets. I can allay these concerns by revealing that we have a good line of sight into the additional foreign exchange liquidity that is required to restore market confidence.”
President Tinubu said his administration is strengthening the machinery and architecture of governance by establishing a public and civil service culture and structure that is performance- and result-oriented, just as he assured the business community of a fairer and safer playing field for all.
“We shall govern ethically, with accountability and transparency, implementing sound and effective policies to accomplish our eight priorities,” he said.
Tinubu outlined the eight priority items of his administration as ending poverty, achieving food security, economic growth and job creation, access to capital across all segments of society and the economy, inclusivity, security, fairness and rule of law, and anti-corruption, stating that he is committed to delivering improved livelihoods and positive economic outcomes that Nigerians can tangibly feel and experience.
He further said: “With the effects of an unsustainable fiscal deficit and hidden subsidies, these factors distorted the money supply and created an unfair playing field for an elite crop of unpatriotic forces. But that is no more. These changes have been tackled head-on.
“My government has introduced several measures to resuscitate the economy, including the Five Hundred Billion Naira intervention to support small businesses and the agricultural sector. By January 2024, the new student loan programme and consumer credit schemes will have come into effect.”
The President called on the private sector to support his vision for a greater Nigeria, saying: “I would like to charge you, the captains of industry here present, to commit and redouble your commitment to our vision of a renewed and more prosperous Nigeria, a better Nigeria for all.
“For us to successfully deliver our promise to Nigerians, we recognise that it is imperative that we foster a highly collaborative relationship with the private sector. We must work together. I have proven capacity in this regard, as we remember the role of public-private partnerships in the transformation of Lagos State under my leadership. We will replicate that across Nigeria with your unwavering support.
“Today, I urge you, as Nigeria’s foremost private sector think tank and policy advocacy group, to go much further than you have done before. Bring your ideas, your leadership, your capital, and the collective will of your large conglomerates and business networks. Let us build a future of renewed hope. My government is prepared. Are you also prepared?”
Tinubu also used the occasion to assure that the implementation of the Student Loan Scheme will begin in January next year, while also noting that the era of industrial action in the nation’s academic environment has come to an end.
He enunciated his administration’s plans to stabilise the economy with the collaboration of all stakeholders, especially the private sector.
Tinubu also noted the need to immediately initiate a sustainable credit scheme, which he said will aid an effective anti-corruption campaign
He said, “By January 2024, the new Student Loan Programme must commence. For the future of our children and students, we’re saying no more strikes.
“There must be consumer credit; the scheme will have to come into effect as soon as possible. I thank my team and my colleagues for building this programme. Develop it now. We cannot talk about anti-corruption when you have to look for cash to buy a car when there’s no mortgage for homeownership.”
YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE
Nigeria’s current situation lamentable — Anyaoku
Chief Emeka Anyaoku, a former Secretary-General of the Commonwealth has described the current situation in…
Bukola Saraki foundation covers Mr Ibu’s medical bills
The Abubakar Bukola Saraki Foundation has fully covered the medical expenses of the…
Hold my pastor responsible if anything happens to me — Chef Dammy
Ekiti-based Nigerian chef, Damilola Adeparusi, popularly known as Chef Dammy, has stated that her…
Why Tiwa Savage may not sing for more than a year
In a move reminiscent of Afrobeat sensation Tekno, renowned Nigerian singer Tiwa Savage is facing the prospect of…
How Gomba won 2023 Nigeria Prize for Literature
THE 2023 edition of The Nigeria Prize for Literature climaxed last Friday at Eko Hotel, Victoria Island, Lagos, with…
What causes kidney failure
Kidney failure, also known as end-stage renal disease (ESRD), can have various causes, but the two main types are...
Source: