President Bola Tinubu has stated that the federal government is looking to raise about $10 billion in revenue to boost liquidity in the foreign exchange market.
Tinubu who was ably represented by the vice president, Kashim Shettima, disclosed this on Tuesday in Abuja during the inaugural Public Wealth Management Conference.
The event was organized by the Ministry of Finance Incorporated (MOFI) with the theme, “Championing Nigeria’s Economic Prosperity”.
According to the president, his administration will generate millions of jobs by leveraging Nigeria’s extensive public assets to maximize and double the nation’s Gross Domestic Product (GDP).
Reading the President’s Keynote address, VP Shettima stated:
However, Tinubu pointed out that years of mismanagement and underutilization have affected Nigeria’s assets, both within and beyond its borders, resulting in revenue losses that have impeded economic growth.
Meanwhile, he 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 center stage.
The President further emphasised transparency and accountability as key principles, believing that improved corporate governance, innovative partnerships, and attracting alternative investment capital will significantly increase returns.
President Tinubu’s government’s move to merge the forex windows in mid-2023 triggered a significant drop in the Naira’s value, with its exchange rate against the Dollar escalating from roughly N700/$1 to an unprecedented level of over N1,500/$1.
