President Bola Tinubu said the multiple exchange rate system that had been established by his predecessor is a highway of currency speculation.
Consequently, he revealed that the policy diverted money that should have been used to create jobs, build factories and businesses for millions of people.
Tinubu made the description in his special nationwide broadcast Monday evening on effects of fuel subsidy removal, high cost of living and general state of economy.
“Our national wealth was doled on favourable terms to a handful of people who have been made filthy rich simply by moving money from one hand to another. This too was extremely unfair.
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“It also compounded the threat that the illicit and mass accumulation of money posed to the future of our democratic system and its economy” Tinubu stated.
The President recalled that he had promised to reform the economy for the long-term good by fighting the major imbalances that had plagued our economy, ending the subsidy and the preferential exchange rate system were key to this fight, adding that the battle fight is to define the fate and future of the country.
While noting that much is in the balance, Tinubu related that the defects in Nigeria’s economy “immensely profited a tiny elite, the elite of the elite you might call them”.
He asserted: “As we moved to fight the flaws in the economy, the people who grow rich from them, predictably, will fight back through every means necessary”.
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