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Tinubu’s government targets $10bn to increase FX liquidity and stabilize Naira

President Bola Ahmed Tinubu’s government aims to raise approximately $10 billion in revenue to enhance liquidity in the foreign exchange market.

Tinubu revealed this during the inaugural Public Wealth Management Conference in Abuja, represented by Vice President Kashim Shettima.

Emphasizing the identification, consolidation, and maximization of returns on government-owned assets, Tinubu envisions generating millions of jobs by leveraging Nigeria’s extensive public assets to double the nation’s Gross Domestic Product (GDP).

The statement from the Senior Special Assistant to the President on Media and Publicity quoted Tinubu’s goal to raise $10 billion to bolster foreign exchange liquidity, stabilizing the Naira and fostering economic growth.

“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 8 years.”

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

He assured however that the newly restructured Ministry of Finance Incorporated, which was to act as custodian and active manager of these assets, would now take the centre stage.

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

He noted that these improved returns would 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 youths.

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