FG to borrow $10bn to stabilize Naira

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The Federal Government is planning to raise $10bn to improve liquidity in the foreign exchange market.

President Bola Tinubu disclosed this at the inaugural Public Wealth Management Conference in Abuja on Tuesday as the naira fell to an all-time low of 1,850 per dollar at the parallel market.

The Ministry of Finance Incorporated organised the event with the theme “Championing Nigeria’s Economic Prosperity”.

Tinubu was represented by Vice President Kashim Shettima.

In a statement on Tuesday, the Senior Special Assistant to Shettima on Media & Communications, Stanley Nkwocha explained, “The Federal Government set a goal to raise at least $10bn 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 years.”

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”.

TheLeadng reports that the Economic and Financial Crimes Commission, EFCC, has raised a 7,000-man special task force across its 14 zonal commands as part of measures to reduce the pressure on the Naira.