Tinubu reveals plan to fight naira slump
The President Bola Tinubu-led government has revealed it plans to raise $10bn to fight the naira slump while improving liquidity in the foreign exchange market.
Nigeria’s currency, the Naira, has implacably continued to fall behind the dollar and other notable foreign currencies, staying at all time low of ₦1,850/dollar at the parallel market.
Speaking on behalf of the president, Vice President Kashim Shettima, on Tuesday, told a gathering at the inaugural Public Wealth Management Conference, held in Abuja, that the plan was “a key ingredient to stabilise the naira and grow the economy.”
“The core of this is ensuring optimal management of the assets and investments of the Federal Government,” Shettima said, according to a statement from his media aide Stanley Nwokocha.
The government added that the move would unlock “revenue potential” and would include “our bold and achievable plan to double the GDP growth rate and significantly increase the GDP base over the next 8 years.”
Equally, the government promised to be transparent and accountable, while stating that “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 youth”.
