Currency

Tinubu’s Fiscal Policies Boosting Nigeria’s Currency Landscape, Says NNPC’s Kyari 


Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Mele Kyari, has emphasised the positive impact of President Bola Tinubu’s monetary and fiscal policies on the country’s currency market.

Addressing newsmen after paying Sallah homage to the President on Thursday in Lagos, Kyari said the clear policy directives implemented by President Tinubu have been instrumental in driving favorable changes in the currency landscape. 

According to him: “There are clear monetary and fiscal policies that the president has put in place that are working, and that is bringing about all the changes in the currency market”.

He expressed confidence in the president’s economic management, noting that the combination of improved stability in the company’s projects and better pricing in the petroleum export market has resulted in additional resources becoming available to the country.

“It is clear that the majority of our exports in this country is petroleum, and that can earn foreign currency. There is a significant improvement today in the market in terms of pricing, and we are also able to establish some level of stability in our projects, which is bringing additional resources to our country,” Kyari said.

Kyari also reaffirmed  NNPCL’s unwavering commitment to supporting President Tinubu’s agenda of delivering gas to both the domestic and international markets. 

He also said the Sallah holiday provided a platform for the corporation’s leadership to reiterate their moral and eternal obligation to serve the country and its leader.

“The Sallah is always an occasion for citizens and those with the responsibility to affirm their commitment to their country and President,” the NNPCL boss said.

He emphasized  the importance of aligning with the president’s vision for the oil and gas sector, which is seen as crucial for Nigeria’s economic transformation and prosperity.

In a related development, Chairman of  BUA Group of Companies, Alhaji Rabiu Abdulsamad, has expressed confidence that prices of goods in the country will soon start to come down under the present government’s economic policies.

Abdulsamad, who spoke with newsmen on Thursday after meeting with President Bola Tinubu in Lagos predicted that prices will start to fall in the coming months as a result of the improved forex situation. 

His words: “So I expect that in a month or two, prices will definitely come down. For example, the price of diesel. The price a few days back was N1700/Litre, but today, it’s about N1,200/Litre.”

He highlighted the significant progress that has been made in addressing the country’s longstanding foreign exchange challenges.

According to him: “At a time, the exchange rate was almost N190/$, but today, the rate is coming down to almost N1,200/$. We knew then that the high rate was due to many factors, including speculation and manipulation, and a lot of people were actually commercializing their dollar.”

Abdulsamad praised the Tinubu administration and the Central Bank of Nigeria (CBN) for their efforts in stabilizing the exchange rate, stating that “this is the first time in over 30 years that I have seen one exchange rate in Nigeria, so it’s really commendable.”

The BUA boss revealed that his company recently purchased diesel from Dangote Refinery at a rate below N1,200 per liter, suggesting a broader trend of falling prices in the market.

He attributed this positive development to the government’s reform efforts and the collaboration between the public and private sectors while noting that a committee has been established to facilitate this partnership, which is crucial for the country’s economic recovery.

“We all need to come together and support the government, her policies. The government means well and they are trying to support Nigeria, but we need to be patient. These reforms will take time, it is not easy and it is not something that can be done in one day, so we are working together,” Abdulsamad said.

Deji Elumoye in Abuja 

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