Let Us Explore, Encourage Robust Oversight To Mitigate Naira Depreciation -Senator Sani Musa
SULEIMAN ISAH MINNA Considering various challenges bedeviling Nigeria economy , the Chairman of the Senate Committee on Finance Senator Mohammed Sani Musa has said the committee is exploring a range of policy options to mitigate the impact of Naira depreciation and foster economic stability.
In a statement that addressed the state of the Economy and Naira Depreciation in Nigeria Senator Sani Musa proffered various solutions to the challenges
He reiterated that “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” he added.
The Senate Committee Chairman on finance said the recent depreciation of the Naira underscores the need for proactive measures to safeguard the stability and resilience of the currency adding that 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 aimed at solving the problems therein.
He maintained that “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”
Based on the development , he disclosed that the Senate Committee on Finance is exploring a range of policy options to mitigate the impact of Naira depreciation and foster economic stability while listing robust oversight of fiscal policies, engagement with key stakeholders, and the formulation of targeted interventions to support key sectors of the economy as steps to mitigate the situation
“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.” he further said
He therefore urged all Nigerians to remain vigilant and resilient, so that together Nigeria can overcome the challenges facing the economy and chart a path towards prosperity for all.
