President Bola Tinubu said the government has decided to manage the naira to stop corruption in Nigeria.
Tinubu said this on Sunday in his address at the opening plenary of the World Economic Forum in Saudi Arabia.
The president said the government is also managing the naira to remove the artificial element of its value.
He stated that the country was able to partition the economic drawback and the fallout of the removal of fuel subsidy which took effect from May 29, 2024, when he was inaugurated as president.
“Equally, it engendered transparency, accountability and physical discipline for the country and that, to me, is more important to focus on what direction we should go and we pursue that rigorously,” Tinubu said.
“The currency management was necessary, equally, to remove the artificial element of value in our currency.
“Let our local currency find its level and compete with the rest of the world currency and remove arbitrage, corruption and opaqueness.
“That we did. At the same time, that’s a true engine problem in avery turbulent situation for the government.”
Tinubu said his administration has been able to manage the turbulence because they were prepared for inclusivity in governance and rapid communication with the public to really see what is necessary and what must be done.
The president also spoke on collaboration and inclusiveness, highlighting the necessity of capital formation to drive the economy in Nigeria, especially in areas like agriculture, food security, innovation, and technology advancement.
