Amid the continuous fall of Nigeria’s currency, Naira, the Federal Government says it is targeting to raise $10 billion to increase the foreign exchange liquidity to stabilise the Naira.
The government also disclosed 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).
According to a statement on the official X handle of Vice President Kashim Shettima, President Bola Tinubu disclosed this on Tuesday in Abuja during the inaugural Public Wealth Management Conference organised by the Ministry of Finance Incorporated (MOFI) with the theme, ‘Championing Nigeria’s Economic Prosperity’.
The President, who was represented by the Vice President, highlighted a low-hanging fruit of identifying, consolidating, and maximizing returns on government-owned assets worth trillions of naira.
Following the unification of the forex rate by the Tinubu administration in June 2023, the Naira has been on a free fall, moving from N700/$1 to over N1500/$1 at the moment.
The situation has led to criticisms of Tinubu’s forex policy, with the latest coming from former Vice President Atiku Abubakar, who said the policy was hurriedly done without proper plans and consultations with stakeholders.
The Presidency has however replied to Atiku, describing his claim on Tinubu’s forex policy as preposterous.
