Senator calls on relevant stakeholders to rescue and sustain naira’s stability

The Chairman, Senate Committee on Finace, Senator Sani Musa has said that Nigerian economy was facing significant challenges made worse by both internal and external factors despite efforts by President Bola Tinubu to stabilize the country.

According him, the persistent depreciation of the Naira against major foreign currencies has become a pressing concern, adding that the country should explore a range of policy options to mitigate the impact of Naira depreciation and foster economic stability.

Senator Musa, APC, Niger East, said he is disturbed by another round of naira depreciation at the FOREX market, called for concerted efforts by all relevant stakeholders to rescue and sustain its stability .

The lawmaker, in a statement in Abuja on Sunday, noted that there was the urgent need for concerted efforts at tackling the instability and continuous depreciation of the Naira, stressing that the recent depreciation of the Naira underscores the need for proactive measures to safeguard the stability and resilience of our currency.

The statement entitled: ” State of the Nation Economy and Naira Depreciation”, reads: “As we continue to navigate on getting back our nation and economy back on track, I am issuing this statement to address the current state of the economy and the need for concerted efforts at tackling the instability and continuous depreciation of the Naira.

“The Nigerian economy is facing significant challenges, exacerbated by both internal and external factors. Despite efforts to stabilize and bolster economic growth, the numerous initiatives and bold but necessary steps and policy decisions taken by President Bola Ahmed Tinubu GCFR, the persistent depreciation of the Naira against major foreign currencies has become a pressing concern.

Read also: Ex-Jigawa Gov, Lamido, says northern govs trip to US for security summit is a display of ignorance

“The recent depreciation of the Naira underscores the need for proactive measures to safeguard the stability and resilience of our currency. The Senate Committee on Finance is closely monitoring the situation and is committed to working collaboratively with relevant stakeholders to implement effective policies and strategies.

“It is imperative that we address the root causes of Naira depreciation, including but not limited to fluctuations in global oil prices, fiscal deficits, and structural imbalances in the economy. Furthermore, we must continue to enhance transparency and accountability in our fiscal management processes to instill confidence in investors and promote sustainable economic growth.

“In light of these challenges, the Senate Committee on Finance is exploring a range of policy options to mitigate the impact of Naira depreciation and foster economic stability. This includes robust oversight of fiscal policies, engagement with key stakeholders, and the formulation of targeted interventions to support key sectors of the economy.

“It is also the hope of the committee our economic managers will adhere strictly to the norms and standards set by this administration to ensure that we achieve the desired outcomes in taking Nigeria to its economic growth and prosperity. As we pledge to give Mr. President and his executive arm of government every opportunity and support in legislation to achieve the set goals.

“As we navigate these uncertain times, I urge all Nigerians to remain vigilant and resilient. Together, we can overcome the challenges facing our economy and chart a path towards prosperity for all.”

 

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now