…. Gives reason for fuel subsidy removal.
President Bola Tinubu revealed on Friday that the Nigerian Financial System under Godwin Emefiele, the suspended Governor of the Central Bank of Nigeria was damaged to the point that several windows of cash inflow and outflow became inaccessible.
Reacting to Emefiele’s Suspension and arrest in an interactive session with Nigerians in Paris, France, Tinubu said the financial system under Emefiele” was rotten”
” Few people make bags of our money and then you yourself, you stopped sending money home to our poor parents. But that is gone now, is gone.
” The man is in the hands of authorities, something is being done about it, they will sort themselves out. He added
Emefiele was suspended on June 9, and was arrested by the Department of State Services on June 10.
His arrest also led to the arrest of the Chairman, Economic and Financial Crimes Commission EFCC, Abdulrasheed Bawa.
The DSS under the Buhari government had accused Emefiele of various crimes bordering on terrorism financing and impropriety.
Tinubu also explained to Nigerians in the Diaspora on why he removed Subsidy on petrol saying it was no longer sustainable.
According to him, the Subsidy regime fed smugglers,made a few people rich and also subsidised the product for our next – door neighbour countries adding with the removal of subsidy, “Everybody is equal now”.
“They thought it was the joke of the century until I called NNPC. We are tired of feeding smugglers, making a few people rich, and subsidizing the next-door neighbour,” he said.
“I met with the president of the Benin Republic today. Everybody is equal now, we are friends. We are conjoined twins joined by the hips, how we will separate each other is with this fuel subsidy.
“Let us see whether we will survive or not but we are going to survive you.”
The president reiterated the commitment of his government to cushion the effect of the removal of the subsidy.
“Palliative we will get but we have to save the money in order to embark on a palliative [measures].” he said
