RUTO’s advisor DAVID NDII mocks President SAMIA SULUHU as he offers to help her out of dollar shortage crisis

Thursday, February 15, 2024 - President William Ruto's economic adviser, Dr. David Ndii, has offered to help Tanzania out of the dollar shortage crisis.

This is after the neighboring country raised a red alert over the biting dollar shortage which was affecting everything in the country.

Taking to his social media platforms, Ndii responded to a letter addressed to the Ministry of Energy by the Tanzania Association of Oil Marketing Companies, which sought a meeting to prevent the crisis.

Ndii acknowledged the issue and offered to provide structuring tips on the Government-to-Government deal that he gave to President William Ruto which failed terribly.

"Ukiona mwenzako akinyolewa... we are happy to share G-to-G structuring tips" (when tragedy befalls your neighbour, take caution because you might be next),” Ndii stated.

The Oil Marketing Companies lamented that they were forced to buy dollars from the black market at exorbitant prices to purchase fuel.

They emphasized that without resorting to such drastic measures, the country would face a depletion of its fuel resources.

The OMCs noted that they purchased at a rate of Tsh 2,800 (Ksh169.59) instead of the forex rate of Tsh2,574 (Ksh155.9) set by the Energy and Water Utilities Regulatory Authority (EWURA).

The G-to-G arrangement allows OMCs to purchase oil on credit and hence relieve pressure on the dollar.

For instance, the Kenya-Saudi oil deal provided a six-month credit for oil imports as opposed to the previous arrangement whereby oil marketers were required to pay upon five days of delivery.

The deal was set to end in December 2023 but the government extended it by another twelve months.

Treasury Cabinet Secretary Njuguna Ndung'u recently confirmed that the deal was a temporary measure and would end in December 2024.

The Kenyan DAILY POST