Tinubu moves to boost FX liquidity with $ 10 billion
NSA, CBN go after speculators, economic saboteurs
PRESIDENT Bola Tinubu has hinted of plans by his administration to create millions of jobs by unlocking Nigeria’s vast public assets with a view to optimising and doubling the country’s Gross Domestic Product ( GDP).
He said, with economic revitalisation as its top priority, the Federal Government has a target of raising at least $ 10 billion to increase foreign exchange liquidity that will, in turn, stabilise the Naira.
The President spoke, yesterday, 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.”
Represented by his deputy, Kashim Shettima, Tinubu highlighted the low- hanging fruit of identifying, consolidating and maximising returns on government- owned assets worth trillions of Naira.
He observed that decades of mismanagement and underutilisation have plagued the country’s assets spread across the federation and outside the borders, leading to revenue losses that have hindered economic growth.
Tinubu assured, however, that the newly restructured Ministry of Finance Incorporated, which is to act as custodian and active manager of these assets, will now take the centre stage.
The President stressed 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.
Underscoring that the initiative is not just about revenue generation, but about creating inclusive and sustainable growth, Tinubu said by efficiently managing public resources, government aims to build a more equitable society and unlock the full potential of citizens.