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FG To Raise $10Bn To Boost FX Liquidity, Stabilize Naira

The Federal Government has expressed its determination to raise at least USD10 billion as part of its ongoing monetary policy measures to increase foreign exchange (FX) liquidity stabilize the Naira with the attendant positive implications for the nation’s economic growth.

President Bola Tinubu made this disclosure at the inauguration of the Public Wealth Management Conference with the theme ‘Championing Nigeria’s Economic Prosperity’ organised by the Ministry of Finance Incorporated (MOFI), in Abuja.

Represented at the forum by the Vice President, Kashim Shettima, the President also spoke about his administration’s plans to create millions of jobs and unlocking the value of Nigeria’s vast public assets with a view to boosting the country’s Gross Domestic Product, GDP.

Tinubu said: “The federal government set a goal to raise at least 10 billion dollars in order to increase foreign exchange liquidity, a key ingredient to stabilise the naira and grow the economy.

“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 eight years”, he added.

The President, who lamented that decades of mismanagement and under-utilization had devalued the national assets located across the geopolitical zones of the country, leading to huge loss of revenue, assured 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.

To optimize the revenue potential of the country for national development, Tinubu harped on the need for transparency and accountability as key principles in governance, adding that improved corporate governance, innovative partnerships and attracting alternative investment capital will significantly increase returns on investments.

According to him, these improved returns will 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.

Tinubu said that by efficiently managing public resources, the government would be able to build a more equitable society and unlock the full potential of its citizens and urged all stakeholders in the political economy, including the ministries, development financial institutions and the public and private sector players, to partner with the MOFI to optimise the strategic assets.

In his remarks, the Minister of Finance and Coordinating Minister of the Economy, Dr. Olawale Edun, said the President was aware of the pains of the current reform programmes on ordinary Nigerians and was deploying appropriate mechanisms to mitigate the pains.

He recalled that the government last week ordered the release of 42,000 metric tonnes of grains even as he hinted that another 60,000 metric tonnes would soon be released, adding that the measures are part of measures to reduce inflation and reduce food prices in the coming months.

The minister urged the management and board of the MOFI to develop a specific line of revenue for the national budget as part of its mandate of supporting the government’s fiscal stability drive.

Speaking at the event, chairman of the MOFI board, Dr Shamsudeen Usman, said that MOFI would play a more active role in the management of assets under its purview and advised operators of the assets to see MOFI as partners rather than competitors or regulators.

Promising that the new MOFI board and management are committed to promoting high level corporate governance in the public sector, Usman explained that company had integrated a non-conflict of interest policy to guard against practices that undermine professionalism among members of staff.

In his remarks, the Chief Executive Officer of MOFI, Dr Armstrong Takang, announced the launching of a N100 billion Project Preparation Fund by the company as part of its renewed mandate of ensuring professionalism in the management of public assets.

He assured Nigerians that the company would revitalize the public assets and restore investor confidence in both their operations and management.

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