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On Tuesday, the Federal Government (FG) announced its target to raise $10 billion to boost foreign exchange liquidity for stabilizing the nation’s currency, the Naira.
The government also outlined plans to create millions of jobs by unlocking the value of Nigeria’s vast public assets to optimize and double the country’s Gross Domestic Product (GDP).
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President Bola Tinubu revealed these plans in Abuja during the inaugural Public Wealth Management Conference organized by the Ministry of Finance Incorporated (MOFI) under the theme, “Championing Nigeria’s Economic Prosperity.”
Tinubu, represented by Vice President Kashim Shettima, emphasized the identification, consolidation, and maximization of returns on government-owned assets worth trillions of naira as a crucial aspect of the plan.
He stated, “The Federal Government set a goal to raise at least $10 Billion (Ten Billion Dollars) to increase foreign exchange liquidity, a key ingredient to stabilize the Naira and grow the economy.”
The President acknowledged decades of mismanagement and underutilization of the country’s assets, leading to revenue losses. He expressed confidence that the newly restructured Ministry of Finance Incorporated, acting as the custodian and active manager of these assets, would play a central role.
Transparency, accountability, improved corporate governance, innovative partnerships, and attracting alternative investment capital were highlighted as key principles to increase returns.
Tinubu emphasized that the initiative aimed not only at revenue generation but also at creating inclusive and sustainable growth.
By efficiently managing public resources, the government seeks to build a more equitable society, unlock citizens’ full potential, and direct improved returns toward crucial funding for education, healthcare, housing, power, roads, and poverty alleviation.
The President called for collaboration among stakeholders, including ministries, development financial institutions, and both public and private sector players, to optimize these strategic assets. He expressed hope that this collaborative effort would unlock Nigeria’s full potential and create a brighter future for all citizens.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, assured that the President was addressing challenges arising from reform programs and outlined measures to address food inflation, including releasing 42,000 metric tons of assorted grains with an additional 60,000 metric tons to follow shortly.
The Minister urged MOFI to develop a specific line of revenue for the national budget as part of its renewed mandate, and the Chairman of the MOFI Board, Dr. Shamsudeen Usman, committed to a more active role in managing assets under its purview.
