Tinubu vows to do these 4 things Buhari couldn’t do in over 7 years if elected

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President Muhammadu Buhari and Asiwaju Bola Ahmed Tinubu

An APC candidate pledges to restore power and implement student loans

If elected in next year’s election, the All Progressives Congress (APC) presidential candidate has pledged to eliminate multiple exchange rates and petroleum subsidies.

In addition, he pledged to repair the power grid, ensure the country’s business climate, and implement student loans.

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The former governor of Lagos State, who stated that a climate of security is essential for economic development, pledged to mobilise Nigerians in order to transform the current challenges into a significant opportunity for fostering development.

He emphasised that business and insecurity are incompatible bedfellows.

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The presidential candidate spoke at a “Business Forward”-themed luncheon with business owners in Lagos. The meeting, which took place at ‘The Wings’ on Victoria Island, was attended by renowned businesspeople.

Lagos State Governor Babajide Sanwo-Olu, Oando Plc Group Chief Executive Officer Wale Tinubu, former House of Representatives Speaker Dimeji Bankole, former Economic and Financial Crimes Commission (EFCC) Chairman Mallam Nuhu Ribadu, one-time Lagos State Finance Commissioner Wale Edun, and his Economic Planning and Information and Strategy counterparts – Yemi Kadozo and Dele Alake – attended the event.

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Education, health care, electricity, investment climate, petroleum subsidy, and multiple exchange rates were some of the issues brought up by the entrepreneurs that are vital to the survival of investment.

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The Central Bank of Nigeria (CBN) operates a multiple exchange rate regime in which different segments of the economy adopt different exchange rates.

the Nigerian Autonomous Foreign Exchange Rate Fixing (NAFEX), also known as the Investors and Exporters (I&E) forex window, the parallel market rate, the International Air Transport Association (IATA) rate, the Interbank Exchange Rate, and the Bureaux De Change (BDC) rate.

The parallel market rate is the most popular rate for retail foreign exchange transactions, whereas the NAFEX window controls more than sixty percent of official foreign exchange transactions.

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The NAFEX is now the official exchange rate, indicating convergence in exchange rates.

The market has continued to react to the CBN’s adoption of the NAFEX as its official exchange rate.

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Tinubu, who acknowledged foreign exchange and multiple exchange rates as obstacles, urged the implementation of measures to eliminate the menace.

He stated, “I am no CBN, but I am aware that if I am elected president, that will cease to exist. When you vote for me, record it and confront me at the appropriate time.”

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Tinubu, who discussed plans for “creating the path to a proud destination where Nigerians can be comfortably independent in a can-do society,” insisted that the gasoline subsidy must be eliminated.

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The government is challenged by the subsidy payment. Fuel subsidies consumed N316.7 billion in 2015, N99 billion in 2016, N141.63 billion in 2017, N722.3 billion in 2018, N578.07 billion in 2019, and N134 billion in 2020, according to data from the Nigeria Extractive Industries Transparency Initiative (NEITI) report.

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Although the NEITI report did not specify the expenditures for 2021 and 2022, industry data indicated that in 2021, fuel subsidies increased to N1.43 trillion.

In seven months, the Federal Government spent N1.9 trillion on oil subsidies.

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Petrol subsidy has been a persistent issue for the Nigerian economy, and it has now reached a point where it threatens the fiscal viability of the nation.

Between January and July 2022, Nigeria spent N1.9 trillion on subsidies primarily for the benefit of wealthy Nigerians and the citizens and governments of neighbouring nations.

Tinubu, who rejected the payment, stated, “The era of fashionable gasoline subsidies is over.”

Reiterating his pledge to eliminate petroleum subsidies, he stated, “The Petroleum Act is in place for us to reevaluate in order to meet our obligations, and regardless of how numerous or lengthy the protests, we will eliminate petrol subsidies. The truth is that we will make difficult decisions, but it will be accomplished.

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The trendiness of fuel subsidies has passed. Thus, it must be eliminated. As some of you have suggested, we can invest the money wisely, for instance in health care. Regardless of how long you protest, we will remove the subsidy. We can succeed. We have adequate education. How can we subsidise the fuel consumption of Cameroon, Niger, and the Benin Republic?”

 

“Other economies have already constructed charging stations, whereas we have yet to generate enough electricity to even roast plantains.” Electricity is the most significant discovery for humanity in the last thousand years, so we must acquire it by any means possible. I can also guarantee that you will not be charged for estimates. We will talk and walk our talk.

Please allow us to do it, as we are sufficiently educated, courageous, and great individuals. A promise made will be fulfilled.”

Tinubu revealed his education plan by stating, “We will establish student loans and take care of the variables; a four-year course must be four years.” When do you begin, when do you end, when do you expect to be employed, and what portion of your loan will be forgiven during NYSC? We will respond because the questions have answers.”

The candidate solicited the business community’s input to make his plans more comprehensive and robust.

He stated, “I have heard your argument. When I am elected president, we will form a committee from among you to compile all of your ideas and pair you into circuit breakers so that we can collectively break the curse of poverty and ignorance. In the oil and gas industry, a committee will be formed to present a plan for the present and the future of Nigeria. I’ve come to pledge that my actions will speak louder than my words.

“My objective is to develop local manufacturing and businesses with added value. My objective is to expand consumer lending, increase the availability of affordable housing, and provide business owners with low-interest loans to modernise operations and boost productivity. My objective is to reform our economy’s structural foundation. Government and the private sector must collaborate to accomplish this monumental feat.

Tinubu added, “Our policy will further stimulate our preeminent startup ecosystem.” I want our brilliant entrepreneurs to continue innovating our way out of poverty and onto the road to prosperity.

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“The purpose of my talk today is to encourage you to vote first. Obtain as many votes as possible in order to make the promise of today a reality tomorrow. Only with strong determination, perseverance, and consistency can we construct a structure that we can call a nation; only then can we bring prosperity to Nigeria. We assure you that we will bring prosperity, realise your dreams, and restore your faith in humanity.

“However, you must vote first. With our PVCs, we will free ourselves and others from the shackles of poverty and turn Nigeria’s ship around in the direction of our prosperity.”

Sanwo-Olu urged businesspeople to adopt a new perspective, adding that leadership is about vision, the audacity to dream, and assembling teams.

He stated, “Tinubu embodies all of these qualities, and I can assure you that voting for him will ensure that everything runs smoothly.” The recently inaugurated rail line was Tinubu’s idea from many years ago.

“It is possible to have a voice without entering public service. We can be strategic partners and key stakeholders, influencing conversations, policies, and programmes so that, as businesspeople, we can better articulate our visions and create a win-win situation.”

At the event, business magnates and industrialists reiterated that Tinubu is the best candidate for the position due to his tenacity and capacity to assemble talent for development.

Oando chief Wale Tinubu described Asiwaju Tinubu as a lion who consistently executes his ideas and leads an impressive group of like-minded individuals.

Because he has sound plans for the country, he urged the business community to support the candidate.

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Wale Tinubu, who is also a lawyer, stated, “I know Tinubu to be a stubborn individual who adheres to his convictions regardless. His intelligence and physical prowess are unparalleled. I have been successful thus far due to Tinubu’s strong support, and I urge you all to do the same. If you desire success in life, love, family, and country, please support the candidature of Asiwaju Tinubu, a courageous and strong lion.”

Cardoso, the first Commissioner of Economic Planning and Budget for the state of Lagos under the administration of Tinubu, praised the candidate’s vision for ensuring the prosperity of Lagos.

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He stated, “Tinubu’s foresight in establishing the country’s first Ministry of Economic Planning and Budget served as a model for other states to follow.”

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