Tinubu Blames Buhari Over Multiple Exchange Rate Policy That Favoured Billionaires, Hurting Many

Ilesanmi AdekanbiAugust 1, 2023

2 minutes read

President Bola Tinubu has accused his predecessor and party man Muhammadu Buhari of using the multiple exchange rate system as a money-making scheme for selected individuals who diverted national wealth and hurt millions of Nigerians.

In a national broadcast aired on Monday evening, Tinubu said the system was unfair to many Nigerians because it allowed currency speculation and the diversion of money that could have been used to support the economy and create jobs.

“Our national wealth was doled out on favorable terms to a handful of people who have been made filthy rich simply by moving money from one hand to another,” Tinubu said. “This, too, was extremely unfair.”

Tinubu’s comments come as the Nigerian economy is facing a number of challenges, including high inflation and unemployment. He has pledged to address these challenges by unifying the exchange rate and ending the subsidy on gasoline.

Tinubu added that the policy also posed a threat to the future of the nation’s democratic system and its economy, as it contributed to the illicit and mass accumulation of money that could undermine the stability and development of the country.

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He said it contributed to the illicit and mass accumulation of money that could undermine the stability and development of the nation. Thus, he pledged to address the significant imbalances afflicting the economy to improve it in the long term.

“It also compounded the threat that the illicit and mass accumulation of money posed to the future of our democratic system and its economy. Ending the subsidy and the preferential exchange rate system were key to this fight. This fight is to define the fate and future of our nation. Much is in the balance,” said Mr Tinubu.

After assuming office on May 29, Mr Tinubu immediately removed the petrol subsidy. He later announced the unification of the exchange rate to end the disparity between the official and black market rates.

Many Nigerians criticised these specific policies for worsening their hardships. But the president, in his speech, claimed that these policies were necessary to reform the economy and ensure fairness and justice for all Nigerians.