The Senate’s Committee on Finance has called for concerted action from all stakeholders to address the persistent depreciation and instability of the naira, particularly against major foreign currencies like the US dollar. Senator Sani Musa (APC, Niger East), the committee’s chairman, emphasized the urgency of tackling the root causes of the currency’s decline and implementing effective measures to safeguard its stability.
Musa highlighted the challenges facing the Nigerian economy, citing both internal and external factors contributing to the currency’s depreciation. Despite efforts to stabilize economic growth, he noted the pressing concern posed by the continuous depreciation of the naira.
The committee is closely monitoring the situation and is committed to collaborating with relevant stakeholders to implement policies and strategies aimed at addressing the root causes of the naira’s depreciation. This includes fluctuations in global oil prices, fiscal deficits, and structural imbalances in the economy.
In response, the committee is exploring various policy options to mitigate the impact of naira depreciation and promote economic stability. This involves rigorous oversight of fiscal policies, engagement with key stakeholders, and targeted interventions to support key sectors of the economy.
Musa urged Nigerians to remain vigilant and resilient, emphasizing that overcoming the economic challenges requires collective efforts. He expressed optimism that, with adherence to established norms and standards, Nigeria can achieve desired economic growth and prosperity.
The statement underscores the Senate’s commitment to addressing the economic challenges facing Nigeria and underscores the importance of collaborative efforts to stabilize the naira and foster sustainable economic development.