President Bola Tinubu, on Thursday, described the exchange rate arbitrage under the watch of his predecessor, former President Muhammadu Buhari, as the grandparents of corruption.

“How fast could you have reconstructed this country if you allow the arbitrage in exchange rate to continue? That is the grandmother, father of corruption.”

“Through our Renewed Hope Agenda, our administration pledged to tackle economic instability, improve insecurity, reduce corruption, reform governance and lift our people out of poverty,” Mr Tinubu said at the All Progressives Congress national summit on Thursday.

To bolster his point on the massive corruption perpetrated under Mr Buhari’s watch, Mr Tinubu referred to the swathes of properties recovered from former Central Bank governor, Godwin Emefiele, by the Economic and Financial Crimes Commission.

“You could see EFCC recovering over 750 houses from one person locally here,” Mr Tinubu said, adding that we have eliminated corrupt-laden arbitrage and fuel subsidy regime.

MrTinubu’s statement comes two years after he succeeded Mr Buhari, who touted himself as an anti-corruption crusader.