Tinubu Slams Emefiele’s ‘Rotten’ Financial System, Says Subsidy Era is Gone

Patrick OdeyJune 24, 2023

3 minutes read

Nigeria’s President Bola Tinubu has criticized the financial system run by the suspended Central Bank Governor Godwin Emefiele, describing it as ‘rotten’ and ‘corrupt’.

Tinubu, who spoke during an interactive session with Nigerians living in France and neighbouring European countries on the sidelines of the New Global Financing pact Summit in Paris, said the multiple exchange rates under Emefiele’s regime discouraged many Nigerians in the diaspora from remitting money home.

“Then the financial system was rotten,” he said.

“Few people were making bags of our money and then you yourself, you stopped sending money home to our poor parents. Several windows… but that is gone now, it’s gone. The man is in the hands of the authorities. Something is being done about that. They will sort themselves out.”

Tinubu, who was born on March 29, 1952, in Lagos, also spoke on his decision to scrap the fuel subsidy, which he said was a drain on the nation’s resources and a source of corruption.

He recalled how some of his associates and friends thought he was joking when he announced the removal of subsidy during his inauguration speech on May 29, 2023.

He said he was determined to end the subsidy regime, which had been exploited by smugglers and neighbouring countries, and to use the saved funds for palliatives and development projects. He said he met with the President of Benin Republic yesterday and told him that Nigeria would no longer subsidize his country’s fuel consumption.

“Some countries were bleeding us. Courage was missing.

“Sometimes I became an advocate of it. Remove this thing. But God gave me the opportunity when I danced around, strategised with my team.

“We won the Presidency, and the day I was declared winner, I fell almost sick with joy.

“A few friends visited me rejoicing. So I asked the question: ‘You asked me to bring this trophy. This victory, what do you do with it?’ I brought it. I won.

“We must achieve with it. We must change Nigeria with it. And then Wale Edun and co, we started debating, putting my speech together without the question on subsidy.

“ I got to the podium, I was possessed with courage, and I said subsidy is gone.

“They thought it was the joke of the century until I called NNPC.

“We are tired of feeding smugglers, making few people rich and subsidising the next door neighbour.

“I met with the President of Benin Republic today (yesterday). Everybody is equal now.

“We are friends. We are conjoined twins, joined at the hips. How we will separate from each other is this fuel subsidy. Let us see whether we will survive or not. But we are going to survive you.”

Tinubu said he expected some resistance from organised labour over the subsidy removal, but he challenged them to choose between palliatives and subsidies.

“You want money increase in palliative, transportation… what are you protesting about? Are you sharing part of the subsidy? If you protest I will join you and protest against you.

“And they stopped. No protest Palliatives we will get, but we have to save the money in order to embark on palliative.”

Tinubu also met with President Alain Berset of Switzerland and discussed issues of mutual interest, such as trade, investment, security and migration.

Tinubu thanked Berset for his country’s support for Nigeria’s anti-corruption efforts and the repatriation of looted funds. He also expressed his appreciation for Switzerland’s role in hosting the peace talks between the Nigerian government and the Niger Delta militants, which led to a ceasefire agreement in 2016.

Berset congratulated Tinubu on his election victory and praised his vision for Nigeria’s development. He said Switzerland was ready to deepen its cooperation with Nigeria in various sectors, especially in renewable energy, agriculture, health and education. He also invited Tinubu to visit Switzerland at his earliest convenience.

Tinubu also had a meeting with the President of the African Development Bank (AfDB), Dr Akinwunmi Adesina, who briefed him on the bank’s activities and projects in Nigeria and across the continent.

Tinubu commended Adesina for his leadership and achievements at the AfDB, especially in promoting regional integration, infrastructure development and private sector growth. He also expressed his support for the bank’s agenda of building a prosperous, inclusive and resilient Africa.

Adesina congratulated Tinubu on his inauguration and assured him of the bank’s continued partnership with Nigeria in addressing its development challenges.

He said the AfDB was committed to supporting Nigeria’s economic recovery and diversification, as well as its social and human capital development. He also thanked Tinubu for his endorsement of his second term bid as the AfDB president.

Tinubu is expected to return to Nigeria today after attending the New Global Financing pact Summit, where he joined other world leaders in mobilizing resources and commitments for sustainable development.