All Progressive Congress (APC) presidential candidate Bola Ahmed Tinubu claims that if elected, Nigerians won’t have to deal with the difficulty of fluctuating foreign exchange (FX) rates.
In an electrical payment system known as estimated billing, the distribution companies (DisCos) handle the billing without the use of any metres (postpaid or prepaid). Customers are typically overcharged for the power they use as a result.
On Thursday in Lagos, Tinubu gave a speech at a luncheon for business owners titled “business forward.”
“You must have electricity, by all means. And anticipated billing will no longer be charged to you. There won’t be various exchange rates after I’m elected president. He advised writing it down.
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“My discussion today is to inspire so that the promise of today can be a reality tomorrow. We promise you, we will bring prosperity to Nigeria.”
Further, the presidential candidate stated that Nigeria will no longer continue to subsidise fuel use in its neighbouring nations and pledged to make bold decisions that will revive the economy, including eliminating fuel subsidies.
The former governor of Lagos promised that his administration would allow the private sector to flourish and turn obstacles into chances for progress. He also stated that his administration would refrain from meddling in areas where the private sector is performing effectively.
“How can we be subsidising fuel consumption of Cameroon, of Niger, of Benin Republic. No matter how long you protest, we are going to remove subsidy. We can do it. We are educated enough,” Tinubu said.
“Our guiding principle regarding economic policy shall be to provide the right policy framework so that business can flourish,” Tinubu said.
“But I want to do more than help existing businesses to exist. We must create the space where new sectors and lines of business can open. We must grow this economy so that it can accommodate over 200 million people with a decent standard of living.
“My government will collaborate with the private sector to bring about massive infrastructural renewal that enhance economic opportunities, lower business cost and overheads while producing jobs that spur further growth and development through increased consumer demand. This is the virtuous economic cycle we seek to create.
“From our national infrastructural campaign to our national portable water campaign and plans to reticulate major dams, our intention is to leverage public private partnerships to attract private sector investment along the critical path leading from modernisation of infrastructure to realization of sustainable, yet significant economic growth.
“Please also note the various sectors in which we have promised fiscal incentives, tax breaks, tax credits, rebates and access to finance.
“My aim is to develop local manufacturing and value-added businesses. My aim is to deepen consumer lending, increase affordable housing and provide business owners with low-cost loans to modernise operations and improve productivity. My aim is to reform the structural foundation of our economy. To accomplish this major feat, government and the private [sector] must work hand in hand.
“Our policy will further stimulate our world-leading start-up ecosystem. I want our brilliant entrepreneurs to continue to innovate our people out of poverty and lead us towards the path of prosperity.”
