President Tinubu Vows To Unlock Trillions To Boost Nigeria’s Economy

President Bola Tinubu on Tuesday revealed his plans to create millions of job opportunities by unlocking trillions in public wealth to optimize and double Nigeria's Gross Domestic Product (GDP).

The president said that his administration is actively working toward securing a minimum of $10 billion to enhance foreign exchange (FX) liquidity, ensure the stability of the naira, and foster economic growth.

The announcement was made during the inauguration of the public wealth management conference organized by the Ministry of Finance Incorporated (MOFI) in Abuja.

"The federal government set a goal to raise at least $10 billion in order to increase foreign exchange liquidity, a key ingredient to stabilize the naira and grow the economy," Tinubu said, as per the official X handle (formerly Twitter).

"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," he added.

The president pointed out that the decades of mismanagement and underutilization have plagued the country's public assets, leading to revenue losses for the government and hampering economic growth.

However, Tinubu assured that the newly restructured Ministry of Finance Incorporated, which will work as a custodian and active manager of these assets, will help boost the country's economy.

Furthermore, the president noted that transparency and accountability are the key factors to improve any corporate governance, innovative partnerships and attract more investment in the country.

"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," he said, adding, "And stimulating sustainable economic development and job creation for the youths."

Tinubu urged all the stakeholders including ministries, development financial institutions, and the public and private sector players to join hands with MOFI to optimize the strategic assets.

The president expressed optimism that the collaborative effort will help unlock Nigeria's full potential, leading to increased job opportunities for its citizens.

MOFI board chairman Shamsudeen Usman also spoke during the meeting and asked operators of the assets to look at MOFI as a partner rather than a regulator or a competition.

The meeting was held just one day after the Senate Committee on Finance revealed that Nigeria had lost around N17 trillion to tax waivers extended to some individuals and corporate establishments in the last five years.