President Bola Tinubu has expressed his concerns about the state of Nigeria’s financial system under the leadership of the suspended Central Bank of Nigeria (CBN) governor, Godwin Emefiele.
Tinubu took action in June 2023 by suspending Emefiele and initiating an investigation into his office. Since then, Emefiele has been held by the Department of State Services (DSS).
During an interactive session with Nigerians in Paris, Tinubu revealed that steps were being taken to address the alleged irregularities associated with Emefiele.
He criticized the previous state of the financial system, stating that a few individuals were taking advantage of it, resulting in a lack of funds being sent to support impoverished families.
However, Tinubu assured the audience that the situation was being handled by the authorities and would be resolved.
Tinubu also emphasized the need to eliminate the subsidy on petrol, as he believed it was benefiting only a small group of individuals and enabling smuggling.
He mentioned his meeting with the president of Benin Republic, highlighting the importance of ending the subsidy in order to create equal economic relationships between countries.
While acknowledging the challenges ahead, Tinubu expressed confidence in Nigeria’s ability to overcome them.
Additionally, the President mentioned that the federal government was working on alternative provisions to mitigate the impact of the removed fuel subsidy.
He questioned those who protested against the subsidy’s removal, suggesting that the saved funds could be allocated towards palliative measures, transportation, and other essential areas