FG Plans to Raise $10bn To Increase Forex Liquidity, Stabilise Naira

Amidst the ongoing depreciation of Naira, the Federal Government has set its sights on raising $10 billion to bolster foreign exchange liquidity and stabilize the Naira.

Also, the government unveiled plans to generate millions of jobs by unlocking the value of Nigeria’s extensive public assets, aiming to optimize and double the country’s Gross Domestic Product (GDP).

Vice President Kashim Shettima made the development known on Tuesday on his official X handle.

According to Shettima, President Bola Tinubu made the announcement during the inaugural Public Wealth Management Conference in Abuja, organized by the Ministry of Finance Incorporated (MOFI) under the theme, Championing Nigeria’s Economic Prosperity.

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Tinubu, represented by the Shettima upheld the importance of identifying, consolidating, and maximizing returns on government-owned assets worth trillions of naira—a low-hanging fruit in the quest for economic growth.

Since the unification of the forex rate by the current administration in June 2023, the Naira has experienced a sharp decline, plummeting from N700/$1 to over N1500/$1 at present.

Critics equally raised concerns about Tinubu’s forex policy, with former Vice President Atiku Abubakar asserting that it was hastily implemented without adequate planning or stakeholder consultations.

In response, the Presidency dismissed Atiku’s claims regarding Tinubu’s forex policy as “preposterous”