Senate to Strategizes to Tackle Naira Crisis

The Senate Committee on Finance has expressed worry over, “the instability and continuous depreciation of the naira.”

In a statement issued on Sunday, the Chairman of the Committee, Senator Mohammed Sani Musa, said the committee is monitoring the situation and is committed to working with relevant stakeholders to implement effective policies and strategies to tackle the issue.

He also explained that the committee “is exploring a range of policy options to mitigate the impact of naira depreciation and foster economic stability.”

The statement partly reads: “The Nigerian economy is facing significant challenges, exacerbated by both internal and external factors. Despite efforts to stabilise and bolster economic growth, the numerous initiatives and bold but necessary steps and policy decisions taken by President Bola Ahmed Tinubu, the persistent depreciation of the naira against major foreign currencies has become a pressing concern.

“The recent depreciation of the naira underscores the need for proactive measures to safeguard the stability and resilience of our currency. 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.

“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.

“In light of these challenges, the Senate Committee on Finance is exploring a range of policy options to mitigate the impact of naira depreciation and foster economic stability. This includes robust oversight of fiscal policies, engagement with key stakeholders, and the formulation of targeted interventions to support key sectors of the economy.

“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.

“As we navigate these uncertain times, I urge all Nigerians to remain vigilant and resilient. Together, we can overcome the challenges facing our economy and chart a path towards prosperity for all.”