The Nigerian government has set its sights on raising $10 billion to inject much-needed foreign exchange liquidity to stabilize the beleaguered naira. The bold funding move is part of wider ambitions to optimize vast public assets, double GDP growth, and create millions of jobs over the next eight years, according to President Bola Tinubu.
Speaking at the inaugural Public Wealth Management Conference organized by the Ministry of Finance Incorporated (MOFI) in Abuja, Tinubu – represented by Vice President Kashim Shettima – lamented decades of mismanaging Nigerian assets both within the country and overseas. This has resulted in substantial revenue losses that have hindered economic growth.
However, Tinubu outlined plans to thoroughly overhaul the newly restructured MOFI so that it efficiently acts as custodian and manager of government-owned assets worth trillions of naira. He stressed principles of transparency and accountability, along with attracting alternative investment capital to significantly boost returns.
The bounty of increased revenues would then fund “crucial areas vital to lifting millions out of poverty,” Tinubu explained, including education, healthcare, housing, power, and roads. Fueling inclusive growth and unlocking youth economic potential are central aims behind optimizing public asset performance, not just accruing money for its own sake.
To that end, the president rallied all stakeholders – spanning government ministries, financial institutions, public and private sectors – to collaborate closely with MOFI in extracting maximal value from strategic national assets. Tinubu expressed confidence the cooperative effort would unlock Nigeria’s promise and forge a brighter future for all citizens.
The Nigerian government ambitious fiscal reforms have not been without pains, noted Finance Minister Wale Edun. However, food inflation relief is coming via grain releases and policies to make food prices drop in months ahead, he assured. Edun also directed MOFI leadership to develop a revenue stream specifically for the national budget, part of its renewed mandate to support Nigeria’s fiscal stability.
Source FG targets $10bn to increase FX liquidity, stabilize Naira published in Vanguard by Johnbosco Agbakwuru.