Tony Elumelu has commended the federal government for stabilizing the foreign exchange market while calling for the urgent settlement of over ₦600 billion in debt owed to power-generating firms to boost national electricity supply.
Billionaire banker Tony Elumelu declared Nigeria’s foreign exchange crisis “totally sorted” following a Friday meeting with President Bola Tinubu. Elumelu credited the Central Bank of Nigeria (CBN), led by Governor Olayemi Cardoso, for restoring predictability to the economy. He noted that business calls once dominated by dollar scarcity have ceased, stating, “Today, if you get 10 calls on banking issues, not even one is on FX.”
Beyond monetary gains, the Transcorp Chairman urged the federal government to fast-track payments to power-generating companies. Elumelu revealed that the sector is owed significantly, with Transcorp alone seeking over ₦600 billion. He emphasized that resolving this debt is essential for infrastructure development, noting that “improvement in access to electricity is critical for economic development” and overall industrial growth.
The meeting also touched on empowering small and medium enterprises (SMEs) through strategic tax reforms. Elumelu expressed confidence in the President’s passion for “capacitising” young entrepreneurs and praised the Bank of Industry’s current financing efforts. While external reserves have climbed to approximately $49 billion, the tycoon insisted that consistent energy supply remains the final hurdle to unlocking Nigeria’s full economic potential.
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