Government Targets $10 Billion to Boost Foreign Exchange Liquidity and Create Jobs in a Bid to Stabilize Naira
The Federal Government announced a bold economic plan aimed at stabilizing Nigeria’s currency, the Naira, and boosting the nation’s Gross Domestic Product (GDP). President Bola Tinubu revealed this at the Public Wealth Management Conference in Abuja, setting a target of raising $10 billion to increase foreign exchange liquidity. Represented by Vice President Kashim Shettima, Tinubu highlighted the strategy of unlocking the value of Nigeria’s public assets to create millions of jobs and double the GDP over the next eight years.
Decades of mismanagement and underutilization have plagued Nigeria’s assets, both domestic and abroad, leading to significant revenue losses. Tinubu emphasized the need for optimal management of these assets, with the newly restructured Ministry of Finance Incorporated taking a central role. The focus is on transparency, accountability, and attracting alternative investment capital to increase returns.
The President stressed that the initiative goes beyond revenue generation, aiming to create inclusive growth and lift millions out of poverty. By efficiently managing public resources, the government hopes to build a more equitable society and unlock the full potential of its citizens. Tinubu called for collaboration among stakeholders to optimize strategic assets and create a brighter future for all citizens.
Minister of Finance, Mr. Wale Edun, acknowledged the challenges of the administration’s reform programs and assured that measures were in place to address them. He announced the release of 42,000 metric tons of assorted grains, with more to follow, to help reduce food inflation. The Ministry of Finance Incorporated was urged to develop specific revenue streams for the national budget to support fiscal stability.
Chairman of the MOFI Board, Dr. Shamsudeen Usman, pledged a more active role in managing assets under their purview, emphasizing the importance of collaboration to achieve Nigeria’s full potential.
Vanguard News
