President Bola Tinubu has assured that the ExxonMobil divestment will be concluded in a matter of days. He said the ministerial consent for the deal would be done expeditiously.
The President stated this in his Nigeria’s 64th independence speech. “ExxonMobil divestment will receive ministerial consent in a matter of days, as all necessary things needed to get the consent been concluded by the regulator, NUPRC, in line with the Petroleum Industry Act (PIA). This was done in the same manner as other qualified investment is done. This will enhance the vibrancy of the oil and gas sectors which may eventually lead to increase in production positively which will reasonably impact our economy.
He said the more disciplined approach adopted by the Central Bank to monetary policy management has ensured stability and predictability in our Foreign Exchange package.
“We inherited a result of over 33 billion 16 months ago. Since then, we have paid back the inherited Forex backlog of 7 billion. We have cleared the waste and means debt of over 30 trillion naira. We have reduced the debt service ratio from 97% to 67 percent.
Despite all this, we have managed to keep our foreign reserve at $37 billion. We continue to meet all our obligations and pay our bills. We are moving ahead with our fiscal policy. We stimulate our productive capacity and create more jobs and prosperity.”
“The Federal Executive Council approved the economic stabilization bill, which will now be transmitted to the National Assembly. This transformative bill will make our business environment more friendly, stimulate investment and reduce the tax burden of businesses and workers who only pass into law as part of our efforts to re engineer our political economy.
“We are resolute in our determination to implement the Supreme court judgment on the financial autonomy of local governments.
What is central concern to our people today is the high cost of living, especially food costs.”
