Mele Kyari: Tinubu's Fiscal Policies Boosting Nigeria's Currency Landscape

Prices of goods will soon come down, says Bua Declares Tinubu’s govt has addressed nation's forex challenges

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

Similarly, Chairman of BUA Group of Companies, Alhaji Abdulsamad Rabiu, said prices of goods in the country would soon start to come down under the present government's economic policies.

Addressing newsmen after paying Sallah homage to the president, yesterday, in Lagos, Kyari said the clear policy directives implemented by Tinubu had been driving favourable changes in the currency landscape.

He said, "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.”

Kyari expressed confidence in the president's economic management, stating that the combination of improved stability in NNPCL’s projects and better pricing in the petroleum export market has resulted in additional resources for the country.

He stated, "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 reaffirmed NNPCL’s unwavering commitment to supporting Tinubu's agenda of delivering gas to both the domestic and international markets.

He said the Sallah holiday provided a platform for the company’s leadership to reiterate their 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 emphasised the importance of aligning with the president's vision for the oil and gas sector, which he said was crucial for Nigeria's economic transformation and prosperity.

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

He said, "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 N1,700/Litre, but today, it's about N1,200/Litre."

He highlighted the significant progress that had 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."

Rabiu praised the Tinubu administration and the Central Bank of Nigeria (CBN) for their efforts in stabilising the exchange rate, stating, "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 chairman revealed that his company recently purchased diesel from Dangote Refinery at a rate below N1,200 per litre, suggesting a broader trend of falling prices in the market.

He attributed the positive development to the government's reform efforts and the collaboration between the public and private sectors. Rabiu disclosed that a committee had been established to facilitate this partnership, which was crucial for the country's economic recovery.

He said, "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."