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Tinubu reveals plans to create jobs, raise $10bn for forex liquidity

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President Bola Ahmed Tinubu has hinted at plans by his administration to create millions of jobs by unlocking the value of Nigeria’s vast public assets and doubling the country’s Gross Domestic Product, GDP.

Tinubu 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 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”.

Represented by Vice President Kashim Shettima, Tinubu highlighted a low-hanging fruit of identifying, consolidating and maximizing returns on government-owned assets worth trillions of naira.

He said: “The Federal Government set a goal to raise at least $10 Billion (Ten Billion Dollars) 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.”

President Tinubu, however, noted that decades of mismanagement and underutilization have plagued the country’s assets spread across Nigeria and outside the borders, leading to revenue losses that have hindered economic growth.

He said the newly restructured Ministry of Finance Incorporated, which is to act as custodian and active manager of these assets, will now take centre stage.

The President emphasised transparency and accountability as key principles, believing that improved corporate governance, innovative partnerships, and attracting alternative investment capital will 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 youths.

Stressing that this initiative is not just about revenue generation but about creating inclusive and sustainable growth, President Tinubu said by efficiently managing public resources, the government aims to build a more equitable society and unlock the full potential of its citizens

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