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Economy: Government plans $10bn to boost opportunities, Forex liquidity and stabilise Naira

US Dollars and Nigeria Naira Notes

*The Federal Government explores a low-hanging fruit of identifying, consolidating, and maximising returns on government-owned assets worth trillions of Naira to create millions of jobs and boost Nigeria’s Gross Domestic Product

Isola Moses | ConsumerConnect

As the West African country’s currently experiences a free fall in the value its national currency with its attendant consequences on the socio-economic wellbeing of consumers, the Nigerian Government has said it planning to raise $10 billion to increase the Foreign Exchange (Forex) liquidity to stabilise the Naira.

Vice President Kashim Shettima, GCON, disclosed this in a statement published via his verified X account this Tuesday, February 20, 2024, in Abuja, FCT, at the inaugural Public Wealth Management Conference.

The conference, organised by the Ministry of Finance Incorporated (MOFI) had the theme, “Championing Nigeria’s Economic Prosperity”.

Shettima, who represented President Bola Ahmed Tinubu at the forum said the Federal Government also plans to create millions of jobs by unlocking the value of Nigeria’s vast public assets with a view to optimising and doubling the country’s Gross Domestic Product (GDP).

The administration further  highlighted a low-hanging fruit of identifying, consolidating, and maximising returns on government-owned assets worth trillions of Naira.

It is recalled that after the unification of Forex rate by the Tinubu administration June 2023, the Naira has been on a free fall.

The country’s national moving from N700/$1 to over N1,500/$1 at the moment.

A report indicates the situation has led to criticisms of the Tinubu’s Forex policy, including the reported ”currency floatation’ idea coming from former Vice President Atiku Abubakar.

Atiku, in the past week, had claimed the administration’s policy had no proper plans and consultations with stakeholders in the financial ecosystem.

However, in reacting to the former Vice-President’s suggestion, the government rather lampooned Atiku, stating that the country would not return to the immediate past era of Mr. Godwin Emefiele at the Central Bank of Nigeria (CBN), when arbitrage, round tripping and related infractions purportedly reigned supreme in the Forex market.

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