The Nigerian Federal Government has said it is planning to raise $10 billion to improve liquidity in the foreign exchange market.
This follows the continued devaluation of the naira, falling to an all-time low of N1,850/$ at the parallel market.
President Bola Tinubu disclosed this at the inaugural Public Wealth Management Conference held in Abuja on Tuesday, organised by the Ministry of Finance Incorporated with the theme “Championing Nigeria’s Economic Prosperity.”
Senior Special Assistant to the President on Media & Communications, Stanley Nkwocha, in a statement, said the president, who was represented by Vice President Kashim Shettima, explained, that the federal government set a goal to raise at least $10 billion 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 8 year,” he said.
The President further emphasised transparency and accountability as key principles, believing that improved corporate governance, innovative partnerships, and attracting alternative investment capital would significantly increase returns.
He noted that 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 youth.”