President Bola Tinubu expressed his dissatisfaction with the state of Nigeria’s financial system under the leadership of Godwin Emefiele, the suspended Governor of the Central Bank of Nigeria (CBN), stating that it was “rotten.”

Tinubu ordered an investigation into Emefiele’s office and the CBN earlier this month, resulting in Emefiele being held by the Department of State Services (DSS).

Speaking at an interactive session in Paris, France, Tinubu highlighted the alleged irregularities and assured that actions were being taken to address the situation.

Tinubu also emphasized the need to end the petrol subsidy, stating that it benefited a select few and was no longer sustainable.

He mentioned plans to introduce provisions to mitigate the impact of subsidy removal.