Labour Party presidential candidate in the 2023 general elections Mr Peter Obi, said he would do away with the dual exchange regime in a bid to tackle inflation, if takes over the helm of affairs next year.
Obi who disclosed this in his Twitter handle was listing the things he intends to do to bring Nigeria’s economy back from the woods.
“We will remove import and forex restrictions and insist on a single forex market. The current system penalizes exporters who bring in forex by forcing them to sell at a rate they cannot source for forex when they need to purchase forex.
“This multiple exchange rate regime encourages capital flight and deters investment, and worsens Nigeria’s forex situation.
“We must look beyond total dependence on oil. We will reduce the subsidy cost by over 50% with concomitant measures and counter-balance policies and programs to cushion the impact of the removal of oil subsidy.”
He added that his government will tackle insecurity headlond so that farmers can go back to work to produce more and reduce food inflation.
“The first thing to tackle is food inflation. Once we tackle insecurity and farmers return to farms, our food production will go up, and inflation will go down through reduced food prices. When you remove the subsidy, our fiscal imbalance will reduce and subsequently increase.”
