Tinubu Hosts Emefiele, Kyari At Aso Villa

BY EDMOND ODOK – Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, and Group Managing Director (GMD) of the Nigerian National Petroleum Corporation Limited (NNPCL), Mele Kyari are currently at the Presidential Villa in Abuja for a meeting with President Bola Ahmed Tinubu.

Reports indicated that after his official motorcade pulled up at the forecourt of the Villa at 02:38 pm, the new Commander-in-Chief inspected the Quarter Guard mounted at the presidential gate and was later received by Vice-President Kashim Shettima and other top government functionaries.

Aside from Emefiele and Kyari, the list of those present at the Presidential Villa included the Speaker of the House of Representatives, Femi Gbajabiamila; and Permanent Secretary of the State House, Tijjani Umar. Others also seen were former Lagos State Commissioner for Finance, Wale Edun; and a member of the House of Representatives, Hon James Faleke.

Though no official statement has been released on Emefiele and Kyari’s visit, Presidency sources hinted that the scheduled meeting might not be unconnected with the President’s inaugural address on Monday declaring that the controversial fuel subsidy is gone for good and his remarks on CBN’s Naira redesign.

According to the sources, President Tinubu meeting with Emefiele and Kyari may be part of efforts by the new administration to urgently address concerns over the subsidy removal and find an appropriate solution to the fuel queues that have already resurfaced petrol stations across the country.

It was also gathered that discussions would certainly focus on fuel subsidy removal and a unified exchange rate that have both caused inconvenience and frustration among the populace with the Labour Movement kicking.

Besides challenging the CBN on the need to work towards a unified exchange rate, the President had in his maiden speech also promised to review the Naira redesign policy of the immediate past administration of Muhammadu Buhari as implemented by the apex bank.

“Monetary policy needs thorough house cleansing. The Central Bank must work towards a unified exchange rate. This will direct funds away from arbitrage into meaningful investment in the plant, equipment, and jobs that power the real economy.

“Interest rates need to be reduced to increase investment and consumer purchasing in ways that sustain the economy at a higher level. Whatever merits it had in concept, the currency swap was too harshly applied by the CBN given the number of unbanked Nigerians. The policy shall be reviewed.

“In the meantime, my administration will treat both currencies as legal tender”, the President had said at the Eagle Square on Monday.

Appointed by ex-President Goodluck Jonathan’s administration, Emefiele, who was reappointed by Buhari, is now serving under Tinubu as the third president.