Amid Currency Crisis, FG Set To Raise $10B To Stabilize Naira, Grow Economy

In a deliberate move to mitigate the continuous fall of the naira comparative to other currencies such as the dollar, the Bola Tinubu-led federal government of Nigeria has expressed its determination to raise at least $10 billion and inject it into the system.

The decision, if it eventually sails through, is expected to increase foreign exchange liquidity to stabilize the naira and grow the economy.

Tinubu made this known at the inauguration of the Public Wealth Management Conference organized by the Ministry of Finance Incorporated (MOFI) on Tuesday in Abuja.

The theme of the conference was “Championing Nigeria’s Economic Prosperity.”

Represented by Vice President Kashim Shettima, Mr Tinubu revealed plans by his administration to create millions of jobs by unlocking the value of Nigeria’s vast public assets.

This, according to him, is to optimize and double the country’s gross domestic product (GDP).

He stressed the need to identify, consolidate and maximise returns on government-owned assets worth trillions of naira.

“The federal government set a goal to raise at least $10 billion in order to increase foreign exchange liquidity, a key ingredient to stabilise the naira and grow the economy.

“At the core of this is ensuring optimal management of the assets and investments of the federal government towards unlocking their revenue potential.

“This includes our bold and achievable plan to double the GDP growth rate and significantly increase the GDP base over the next eight years,” he said.

Mr Tinubu, however, noted that decades of mismanagement and underutilization have plagued the country’s assets, spread across Nigeria and outside its borders, leading to revenue losses that have hindered economic growth.

The president gave the assurance that “the newly restructured Ministry of Finance Incorporated, which is to act as custodian and active manager of these assets, will now take centre stage.”

He emphasized transparency and accountability as key principles, believing that improved corporate governance, innovative partnerships and attracting alternative investment capital would significantly increase returns.

“These improved returns will then be directed towards crucial funding for education, healthcare, housing, power, roads and other areas vital to lifting millions out of poverty.

“And stimulating sustainable economic development and job creation for the youth,” he said.

Mr Tinubu said that by efficiently managing public resources, the government aimed to build a more equitable society and unlock the full potential of its citizens.

He called on all stakeholders, including ministries, development financial institutions and public and private sector players, to partner with MOFI to optimise the strategic assets.

The president hoped the collaborative effort would unlock Nigeria’s full potential and create a brighter future for all citizens.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said Mr Tinubu was mindful of the pains of his administration’s reform programmes and was deploying appropriate mechanisms to address the challenges.

He said that 42,000 metric tonnes of assorted grains were being released, with 60,000 metric tonnes to follow shortly, adding that these are part of measures to arrest inflation and reduce food prices in the coming months across the country.