The Senate Committee on Finance has issued a statement elucidating the factors contributing to the continuous depreciation of the Nigerian naira against other currencies, emphasizing the urgent need for remedial actions.
Chairman of the Senate Committee on Finance, Mohammed Sani Musa, highlighted the complexities surrounding the nation’s economy, attributing the currency depreciation to a combination of internal and external forces. Musa underscored the significance of addressing this issue, given its impact on economic stability.
“While efforts are underway to revitalize the economy, both internal and external factors persistently contribute to the devaluation of the Naira,” remarked Musa. He emphasized the imperative for proactive measures to safeguard the currency’s stability, indicating the committee’s commitment to collaborative efforts with stakeholders in implementing effective policies.
Musa identified key factors driving Naira depreciation, including fluctuations in global oil prices, fiscal deficits, and structural imbalances within the economy. He stressed the importance of transparency and accountability in fiscal management to bolster investor confidence and foster sustainable economic growth.
To address the challenge, Musa outlined the Senate Committee on Finance’s approach, which includes robust oversight of fiscal policies, engagement with stakeholders, and targeted interventions to support vital economic sectors. He expressed confidence in the government’s adherence to established norms and standards, urging collective efforts to achieve economic growth and prosperity.
In conclusion, Musa called for vigilance and resilience among Nigerians, emphasizing the potential for overcoming economic challenges through concerted efforts. He affirmed the committee’s dedication to providing legislative support to the executive arm in achieving set objectives and steering Nigeria towards prosperity.
