Tinubu’s policy on unification of Exchange rate difficult but necessary- Bill Gate

Kunle Sanni

American billionaire, Bill Gates has praised the unification of exchange rate policy by the current administration of President Bola Tinubu, describing it as a difficult initiative but necessary.

Gates said this on Wednesday while delivering his remarks to the National Economic Council, NEC meeting held at the Council Chambers.

The meeting which was presided over by Vice President Kashim Sheitima at the Presidential Villa in Abuja, had in attendance state governors and minister of health Ali Pate, Minister of state FCT, Mariya Mahmud and others.

Gates, who acknowledged that the Nigerian economy has stagnated owing to an increased level of debt that has exceeded 50 per cent of her GDP for the first time since 2001, noted that President Tinubu’s “Renewed Hope” agenda is ambitious.

He said, “Nigeria’s economic leaders have done some difficult, but necessary things, like unifying the exchange rate. The next great hurdle is raising revenue.

“I understand this is a politically sensitive area. Nigerians are struggling. Incomes have fallen. Prices have soared. And like in many other countries, people are protesting.

“Taxes are never popular. That’s true in America too. But they’re part of a social compact. People are more likely to pay them when they see the government spending that money to give Nigerians a better life.

“That’s what I want to speak about today. Because there are so many Nigerian leaders committed to investing in your people. And so many promising solutions in the pipeline.

“President Tinubu’s “Renewed Hope” agenda is ambitious. And he’s assembled a cabinet ready to meet the challenge. But with limited resources, the key is putting the funds you do have to the best possible use.

In June of last year, the Central Bank of Nigeria (CBN) surprisingly announced the unification of the exchange rates, and in October, there was the removal of the foreign exchange restrictions on 43 items, which were imposed under Godwin Emefiele, former governor of CBN.

The action elicited widespread reaction from different quarters. In reaction, the federal government initiated palliative schemes across 36 states and the FCT to assuage the economic impact on its citizens.