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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.
Otunba Segun Showunmi, a member of the Tinubu/Shettima Presidential Campaign Council (PCC) for 2027, has urged the South-East to assess President Bola Tinubu’s administration based on verifiable projects and measurable results rather than political propaganda.
Showunmi made the call in a statement posted on X on Saturday, urging Nigerians to evaluate the government’s performance based on infrastructure delivery, funds committed to projects and their impact on communities.
He said federal infrastructure initiatives targeting the South-East under Tinubu’s administration deserved serious scrutiny and factual assessment, adding that unfulfilled promises should continue to be pursued until the expected results were delivered.
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“Our message is clear: We will not trade facts for propaganda, nor accountability for political loyalty!” he said.
The political figure challenged critics of the administration to provide evidence to support their claims, while urging those defending the government to present the projects and demonstrate their impact.
He also called on government officials to publish relevant figures, disclose project timelines and provide measurable results, insisting that no public official should be exempt from scrutiny.
According to Showunmi, the South-East deserves infrastructure that supports economic growth, including roads that connect markets, investments that create jobs and policies that expand economic opportunities.
He maintained that political representation must translate into tangible benefits for citizens, stressing that public office should deliver value to the people.
As part of his call to action, Showunmi urged Nigerians to scrutinise government records, challenge misinformation with evidence and demand the completion of outstanding projects.
He further called for public commitments to be matched by measurable delivery, arguing that leadership should be assessed by facts and results rather than political rhetoric.
Ending his statement with the slogan, “Asiwaju is a goal,” Showunmi called for accountability and greater inclusion of the South-East in Nigeria’s development.
Showunmi is associated with The Alternative and is a member of the Tinubu/Shettima Presidential Campaign Council for the 2027 elections.
The Lagos State Traffic Management Authority (LASTMA) on Saturday announced a temporary road closure near Apostolic Church, inward Toll Gate, to allow engineers to install a beam on a height-restriction structure.
The agency said the installation was aimed at preventing high-rise trailers from accessing the newly constructed pedestrian bridge.
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“Currently, one lane has been occupied to facilitate the ongoing construction work, while the remaining two lanes are available to motorists,” LASTMA stated.
The agency advised road users to approach the affected corridor with caution and follow the directions of its personnel deployed to the area.
“Road users are advised to approach the affected corridor with caution and follow the directions of our personnel who are on ground to ensure the smooth flow of vehicular movement,” the statement added.
LASTMA also urged motorists to remain patient while the installation work continued.
“Motorists are encouraged to exercise patience while the installation work is in progress,” the agency stated.
Nigerian national Ekene Chukwuma has said he returned to Nigeria with assistance linked to Oseni Rufai rather than the Nigerians in Diaspora Commission (NiDCOM), while renewing allegations against the commission’s chairperson, Abike Dabiri-Erewa, over his travel documents.
Chukwuma made the remarks in an interview in which he explained how he returned to Nigeria after spending months at a deportation camp in India.
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“My name is Kenneth Chukwu, from Enugu State,” he said, introducing himself before explaining how he returned to the country.
“I came back here with the assist of Osini Roufai, a good friend of him,” he said.
Chukwuma denied that NiDCOM facilitated his return, alleging that the commission had published false information about his case.
“NiDCOM made a lots of false, uh, news acquisition against me, which is still in Abike Dabiri handle in Twitter,” he said.
He also accused Dabiri-Erewa of sharing his expired international passport and a travel certificate he claimed was issued six months after he entered the detention camp.
“He also, she also posted my international passport that expired. He also, she also posted my TC that issued after 6 months,” he said.
His comments renew questions surrounding the handling of his case and the circumstances under which he obtained the documents needed to return to Nigeria.
Chukwuma’s detention in India previously sparked a public disagreement between ARISE News presenter Oseni Rufai and Dabiri-Erewa over NiDCOM’s response to reports of his situation.
Oseni raised concerns about Chukwuma’s detention and the commission’s handling of the case, while Dabiri-Erewa defended NiDCOM’s position and explained the process for submitting information to the commission.
NiDCOM subsequently issued its account of Chukwuma’s detention, stating that he had been arrested in India over a visa overstay and addressing the circumstances surrounding his travel documents.
The differing accounts prompted public debate about the commission’s response to Nigerians facing immigration difficulties abroad.
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