FG targets $10bn for Forex liquidity to stabilise Naira —  Tinubu

In a bid to halt the consistent devaluation of the Naira, President Bola Tinubu says the Federal Government is planning to raise at least $10 billion in order to increase Foreign Exchange (Forex) liquidity that will stabilise the Nigerian currency.

According to a statement published on the official X handle of Vice President, Kashim Shettima on Tuesday, the President disclosed this while speaking at the inaugural Public Wealth Management Conference organised by the Ministry of Finance Incorporated (MOFI) with the theme “Championing Nigeria’s Economic Prosperity” on Tuesday.

The President, who was represented at the event by Vice President Kashim Shettima, also disclosed plans by his administration to create millions of jobs by unlocking the country’s huge public asset to increase its Gross Domestic Product (GDP).

“President Bola Tinubu has disclosed plans by his administration to create millions of jobs by unlocking the value of Nigeria’s vast public assets with a view to optimizing and doubling the country’s Gross Domestic Product (GDP),” the post read.

“According to him, with economic revitalisation as its top priority, the Federal Government has a target of raising at least $10 billion in order to increase foreign exchange liquidity that will, in turn, stabilise the Naira.

“The President disclosed this on Tuesday in Abuja during the inaugural Public Wealth Management Conference organized by the Ministry of Finance Incorporated (MOFI) with the theme, “Championing Nigeria’s Economic Prosperity”.

“President Tinubu, who was represented at the event by the Vice President, highlighted a low-hanging fruit of identifying, consolidating, and maximizing returns on Government-owned assets worth trillions of naira,” it added.