FG to Raise $10Bn to Stabilise Forex Rate

Federal government has announced plans to raise up to $10 billion as part of immediate strategies to bring liquidity to the foreign exchange market and strengthen the naira.

President Bola Tinubu disclosed this at the inaugural Public Wealth Management Conference organised by the Ministry of Finance Incorporated (MOFI) on Tuesday in Abuja.

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

In a statement on Tuesday, Stanley Nkwocha, Senior Special Assistant to the President on Media & Communications, 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”.