NSA, CBN go after speculators, economic saboteurs
President Bola Tinubu has hinted of plans by his administration to create millions of jobs by unlocking Nigeria’s vast public assets with a view to optimising and doubling the country’s Gross Domestic Product (GDP).
He said, with economic revitalisation as its top priority, the Federal Government has a target of raising at least $10 billion to increase foreign exchange liquidity that will, in turn, stabilise the Naira.
The President spoke, yesterday, in Abuja during the inaugural Public Wealth Management Conference organised by the Ministry of Finance Incorporated (MOFI) with the theme, “Championing Nigeria’s Economic Prosperity.”
Represented by his deputy, Kashim Shettima, Tinubu highlighted the low-hanging fruit of identifying, consolidating and maximising returns on government-owned assets worth trillions of Naira.
He observed that decades of mismanagement and underutilisation have plagued the country’s assets spread across the federation and outside the borders, leading to revenue losses that have hindered economic growth.
Tinubu assured, however, that the newly restructured Ministry of Finance Incorporated, which is to act as custodian and active manager of these assets, will now take the centre stage.
The President stressed 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 would 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 youths.
Underscoring that the initiative is not just about revenue generation, but about creating inclusive and sustainable growth, Tinubu said by efficiently managing public resources, government aims to build a more equitable society and unlock the full potential of citizens.
He called on all stakeholders to partner with MOFI in optimising these strategic assets, expressing hope that the collaborative effort would unlock Nigeria’s full potential and create a brighter future for all citizens.
Earlier, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the President “is mindful of the pains of his administration’s reform programmes and is deploying appropriate mechanisms to address the challenges.”
He assured that while 42,000 metric tonnes of assorted grains are being released with 60,000 metric tonnes to follow shortly, as part of measures to arrest food inflation, prices would drop in the coming months as a result of government’s actions and policies.
On his part, Chairman of the MOFI Board, Dr Shamsudeen Usman, assured that the body would play a more active role in the management of assets under its care.
In the same vein, Chief Executive Officer (CEO) of MOFI, Dr Armstrong Takang, announced the launch of a N100 billion Project Preparation Fund as part of their renewed mandate of ensuring professionalism in the management of public assets.
MEANWHILE, the Office of the National Security Adviser (ONSA) has aligned with the Central Bank of Nigeria (CBN) to crush dollar speculators.
Stressing that the high prices foodstuffs were unsettling Aso Rock, ONSA spokesman, Zakari Mijinyawa, noted: “In a concerted effort to safeguard Nigeria’s foreign exchange market and combat speculative activities, the ONSA and CBN are joining forces to address challenges impacting the nation’s economic stability.
“The CBN’s proactive measures to stabilise the foreign exchange market and stimulate economic activities have been commendable.
“However, the effectiveness of these initiatives is being undermined by activities of speculators, both domestic and international, operating through various channels, thereby exacerbating the depreciation of the Nigerian Naira and contributing to inflation and economic instability.”
He went on: “Recall that, to address the exchange rate volatility, the CBN initiated a comprehensive strategy to enhance liquidity in the forex market, including unifying FX market segments, clearing outstanding FX obligations, introducing new operational mechanisms for Bureau De Change operators, enforcing the Net Open Position limit for commercial banks, and adjusting the remunerable Standing Deposit Facility cap.”
