NEWS
Tinubu Unveils $10bn Strategy For Naira Stability
President Bola Ahmed Tinubu has unveiled a significant economic strategy, revealing the Federal Government’s plan to secure a minimum of $10 billion.
According to the president, the fund infusion aims to boost foreign exchange liquidity, providing stability to the Naira and fostering economic growth.
Tinubu made this announcement during the inauguration of the Public Wealth Management Conference in Abuja, organized by the Ministry of Finance Incorporated (MOFI) on Tuesday.
Under the theme “Championing Nigeria’s Economic Prosperity,” the conference featured Vice President Kashim Shettima representing President Bola Ahmed Tinubu.
Tinubu outlined the administration’s ambitious agenda to generate millions of jobs by unlocking the value of Nigeria’s extensive public assets.
The goal is to optimize and double the country’s Gross Domestic Product (GDP). Tinubu emphasized the crucial importance of identifying, consolidating, and maximizing returns on government-owned assets valued in trillions of Naira.
“The Federal Government set a goal to raise at least 10 billion dollars 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.”
Tinubu highlighted the longstanding challenges of mismanagement and underutilization that have afflicted Nigeria’s assets both domestically and internationally, resulting in substantial revenue losses and impeding economic growth.
The President provided assurance that the recently restructured Ministry of Finance Incorporated, tasked with acting as the custodian and active manager of these assets, will now assume a central role in addressing these issues.
Emphasizing transparency and accountability as foundational principles, Tinubu expressed his belief that enhanced corporate governance, innovative partnerships, and the attraction of alternative investment capital would substantially boost returns.
He envisions that these improved returns will be directed towards crucial funding for education, healthcare, housing, power, roads, and other vital areas, aiming to uplift millions out of poverty.
Tinubu further highlighted the goal of stimulating sustainable economic development and job creation for the youth.
He emphasized that through efficient management of public resources, the government aspired to construct a more equitable society and unleash the full potential of its citizens.
Tinubu urged all stakeholders, including ministries, development financial institutions, and both public and private sector entities, to collaborate with MOFI in optimizing strategic assets.
He expressed optimism that this collective effort would unlock Nigeria’s full potential, paving the way for a brighter future for all citizens.
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, acknowledged that President Bola Ahmed Tinubu is attuned to the challenges posed by the administration’s reform programs and is implementing suitable mechanisms to address them.
Edun disclosed the release of 42,000 metric tons of assorted grains, with an additional 60,000 metric tons to follow soon.
These measures aim to curb inflation and lower food prices in the upcoming months nationwide. He urged MOFI’s management and board to establish a dedicated revenue stream for the national budget.
As part of its renewed mandate to bolster the Federal Government’s fiscal stability, MOFI, according to Wale Edun, is releasing 42,000 metric tons of assorted grains with an additional 60,000 metric tons to follow.
In a proactive move to manage assets more actively, Dr. Shamsudeen Usman, the Chairman of the MOFI Board, encouraged asset operators to view MOFI as partners rather than competitors or regulators.
He emphasized the commitment of the new management to high-level corporate governance and revealed the integration of a non-conflict of interest policy to prevent practices that could undermine professionalism among staff members.
MOFI’s Chief Executive Officer, Dr. Armstrong Takang, revealed the initiation of a N100 billion Project Preparation Fund as a key component of its renewed mandate to uphold professionalism in public asset management.
Takang expressed the company’s commitment to revitalizing public assets, aiming to reinstate investor confidence in both their operations and management.
In a shocking incident on Sunday morning, unknown gunmen suspected to be kidnappers invaded the home of Alhaji Auwal, a prominent businessman, in Garo Town, Kabo Local Government Area of Kano State.
The gunmen, estimated to be around 10 in number, forced their way into the residence, breaking down a door to gain entry.
An anonymous source revealed that the attackers were heavily armed, with three carrying firearms and the rest wielding other weapons.
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They quickly gathered the entire family in one room, instilling fear and panic in the household.
According to the source, Alhaji Auwal pleaded with the assailants to spare his family and agreed to meet their demands.
The kidnappers, who were determined to extort money, received ₦8 million from the family.
Despite this payment, the gunmen took the businessman’s eldest daughter, Zainab, a secondary school graduate, before fleeing the scene.
The whereabouts of Zainab remain unknown, and as of now, the kidnappers have not contacted the family.
This abduction comes just 48 hours after the tragic kidnapping and subsequent murder of former Gombe State Permanent Secretary, Atiku Mu’azu, who was killed by gunmen after a ₦10 million ransom was paid.
The two incidents have left the residents of Kano in shock and fear, prompting calls for increased security measures in the area.
Attempts to reach the spokesperson for the Kano Police Command, SP Abdullahi Haruna, for comment were unsuccessful as his phone remained unreachable.
Authorities have yet to make any official statements regarding the investigation.
In a bold move, Colombian President Gustavo Petro declared on Sunday that he would not allow US deportation flights carrying Colombian migrants to access his country’s airspace.
The left-wing leader took to X (formerly Twitter) to express his strong stance, stating, “The United States cannot treat Colombian migrants as criminals. I forbid entry to our territory to US planes carrying Colombian migrants.”
Petro made it clear that such flights would only be accepted once Washington established a protocol to ensure the “dignified treatment” of deported migrants.
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The president later confirmed in a separate post that he had already turned back US military planes that were en route with Colombian migrants on board, although he did not provide further specifics on the matter.
While AFP sought confirmation from US authorities regarding the blockade of deportation flights, no immediate response was forthcoming.
Petro’s statements come just a day after Brazil’s government voiced similar outrage over the treatment of deported Brazilians.
Brazil condemned the US administration under President Donald Trump, citing instances where Brazilian migrants were deported while handcuffed on flights, describing it as a “flagrant disregard” for their basic rights.
In his remarks, Petro emphasized that he would be open to allowing civilian US flights to transport deported migrants as long as they were not subjected to treatment “like criminals,” signaling a broader call for humane treatment of migrants under international deportation policies.
An explosion at a mining site in Sabon Pegi, Mashegun Local Government Area of Niger State, claimed the lives of four individuals and left several others injured on Sunday morning.
The blast occurred as miners resumed operations, sending shockwaves through the community.
While the exact cause of the explosion remains undetermined, local residents have pointed to the poor handling of explosive devices by mining companies as a possible factor.
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The incident has sparked concerns about safety practices within the mining sector.
Community sources confirmed the recovery of four bodies, but authorities fear the death toll could rise.
Investigations are ongoing to establish the cause of the blast and assess the full extent of the damage.
One resident, Aminu, described the chaos that followed the explosion. “The sound was so loud that many of us thought it came from the hydroelectricity dam nearby. People panicked and ran into the bush for safety,” he recounted.
Another community member highlighted the potential role of mining operations in the tragedy.
“Mining companies here frequently use explosives during their activities, and this seems like an operational issue, not something related to terrorism,” the resident said, dismissing concerns about a security threat in the area.
As of the time of reporting, neither the state government nor security agencies have released an official statement regarding the explosion.
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