Concerned about the recent decline of the Naira against major foreign currencies, the Senate, through its Committee on Finance, is actively considering various policy options to alleviate the impact of the currency’s devaluation and promote economic stability in Nigeria.
In a statement released on Sunday and signed by its chairman, Senator Sani Musa (APC Niger East), the committee outlined several measures aimed at addressing the currency’s depreciation. These measures include stringent oversight of fiscal policies, engagement with relevant stakeholders, and the development of targeted interventions to support critical sectors of the economy.
Musa emphasized the urgency of addressing the current economic challenges and the imperative of concerted efforts to combat the instability and continuous devaluation of the Naira. He expressed hope that economic managers would adhere to the administration’s standards to achieve the desired economic growth and prosperity for Nigeria, reaffirming the National Assembly’s support for the executive branch in achieving these goals.
While acknowledging the uncertainties facing the economy, Musa urged Nigerians to remain vigilant and resilient, emphasizing that collective efforts can overcome the challenges and lead the nation toward prosperity for all.
The statement, titled ‘State of the Nation Economy and Naira Depreciation,’ highlighted the significant challenges facing the Nigerian economy, both internally and externally. Despite efforts to stabilize economic growth, the persistent depreciation of the Naira against major foreign currencies remains a pressing concern.
The committee underscored the need for proactive measures to safeguard the stability and resilience of the currency. It pledged to closely monitor the situation and collaborate with relevant stakeholders to implement effective policies and strategies. Additionally, it emphasized the importance of addressing the root causes of Naira depreciation, including fluctuations in global oil prices, fiscal deficits, and structural imbalances in the economy.
