PARIS OLYMPIC GAMES
President Bola Tinubu is set to unlock the economic fortunes of Nigeria with the optimal management of the assets and investments of the Federal Government, with returns directed towards healthcare, housing, power, and roads.
The Nigerian leader made this known during the inaugural Public Wealth Management Conference organized by the Ministry of Finance Incorporated (MOFI) with the theme “Championing Nigeria’s Economic Prosperity”.
Tinubu, who was represented by Vice President Kashim Shettima, said the Federal Government will raise at least $10 billion to increase foreign exchange liquidity to stabilise the naira and grow the economy.
He said: “The Federal Government set a goal to raise at least $10 billion (ten 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.”
President Tinubu deplored the decades of mismanagement and underutilization that have plagued the country’s assets spread across Nigeria and outside the borders, leading to revenue losses that have hindered economic growth.
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.
Stressing that this initiative is not just about revenue generation but about creating inclusive and sustainable growth, President Tinubu said that by efficiently managing public resources, the government aims to build a more equitable society and unlock the full potential of its citizens.
He called on all stakeholders, including ministries, development financial institutions, and both public and private sector players, to partner with MOFI in optimising these strategic assets, expressing hope that the collaborative effort will unlock Nigeria’s full potential and create a brighter future for all citizens.
Later, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, said President Tinubu is mindful of the pains of his administration’s reform programmes and is deploying appropriate mechanisms to address the challenges.
He assured that while 42,000 metric tonnes of assorted grains are being released, with 60,000 metric tonnes to follow shortly, as part of measures to arrest food inflation, food prices will drop in the coming months as a result of government actions and policies.
The Minister urged the management and board of the Ministry of Finance Incorporated (MOFI) to, among other things, develop a specific line of revenue for the national budget as part of its renewed mandate of supporting the Federal Government’s fiscal stability.
On his part, Chairman of the MOFI Board, Dr. Shamsudeen Usman, assured that MOFI will, going forward, play a more active role in the management of assets under its purview, even as he urged operators of the assets to see MOFI as partners rather than competitors or regulators.
Noting that the new management is committed to high-level corporate governance, Usman disclosed that the company has integrated a non-conflict of interest policy to guide against practices that undermine professionalism among members of staff.
In the same vein, the Chief Executive Officer (CEO) of MOFI, Dr. Armstrong Takang, gave an overview of the renewed mandate of MOFI, particularly highlighting expectations from the public and private sectors.
Armstrong also announced the launch of a N100 billion Project Preparation Fund by MOFI as part of its renewed mandate of ensuring professionalism in the management of public assets.
He said the overall objective is to deliver commercial value for the common good of the people, assuring that the company will transform the fortunes of public assets under its purview and restore investor confidence in both the operations and management of the assets.
Also present at the meeting were the Governor of Cross River State, Sen. Bassey Otu, the CEO of Heirs Holding, Mr. Tony Elumelu, the Senate Committee Chairman on Finance, Sen. Sani Musa; the Ministers of Agriculture, Sen. Abubakar Kyari; Budget and Economic Planning, Sen. Abubakar Bagudu; and Industry, Trade, and Investment, Mrs. Doris Uzoka-Anite, among others.
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