Addressing journalists in Abuja on Monday, Olawepo-Hashim said: “But in the last one month, the President has announced two major economic reforms. These include ending the debilitating petrol subsidies and the unification of the naira’s multiple exchange rates. The petrol subsidies, experts agree, has strained Nigeria’s public accounts, contributing to a situation where higher global oil prices hurt, rather than help the economy.
“However, due to the limited FX supply from exporters and foreign investors, the CBN played a significant role in supplying FX to these windows,” he added. He stressed that the new law on decentralization of electricity generation, transmission and distribution if properly implemented with concomitant policies, is capable of attracting about 300 billion US dollars over 5 to 7 years into the electricity sector from local and foreign financing sources.