President Bola Tinubu says his administration is taking steps to improve foreign exchange liquidity and honour all legitimate foreign exchange obligations. in Abuja on Monday, Tinubu said the squeeze that has resulted in the naira weakening to record lows against the dollar will ease.
“Consistent with our commitment to enshrining fairness and the rule of law in our country, this government will uphold the sanctity of every legitimate contract,” Tinubu said.“Specifically, as it relates to the foreign exchange obligations of the government, all forward contracts that the government has entered into will be honoured and a framework has been put in place to ensure that these obligations are met in due course.
“I can allay these concerns by revealing that we have a good line of sight into the additional foreign exchange liquidity that is required to restore market confidence.”Tinubu further said he is confident that by working closely with the private sector, financing the $3 trillion national infrastructure stock can be achieved in 10 years and not in 300 years.
“A fully networked and connected Nigeria by rail, gas, fibre optics and road network can be constructed in less than 20 years with thriving industrial zones in every geopolitical zone of Nigeria before 2030.”Tinubu added that his administration is strengthening the machinery and architecture of governance by establishing a public and civil service culture and structure that is performance and result-oriented.