President Tinubu: We’ll Unlock Trillions In Public Wealth To Boost Economy

President Bola Ahmed Tinubu has hinted at plans by his administration to create millions of jobs by unlocking the value of Nigeria’s vast public assets with a view to optimizing and doubling the country’s Gross Domestic Product (GDP).

According to him, with economic revitalisation as its top priority, the federal government has a target of raising at least $10 billion in order to increase foreign exchange liquidity that will, in turn, stabilise the Naira.

The President disclosed this on Tuesday in Abuja during the inaugural Public Wealth Management Conference organized by the Ministry of Finance Incorporated (MOFI) with the theme, “Championing Nigeria’s Economic Prosperity”.

President Tinubu who was represented at the event by Vice President Kashim Shettima, highlighted a low-hanging fruit of identifying, consolidating and maximizing returns on government-owned assets worth trillions of naira.

Reading the President’s Keynote address, VP Shettima stated: “The Federal Government set a goal to raise at least $10 Billion (Ten Billion Dollars) in order to increase foreign exchange liquidity, a key ingredient to stabilise the Naira and grow the economy.

“At the core of this is ensuring optimal management of the assets and investments of the Federal Government towards unlocking their revenue potential. This includes our bold and achievable plan to double the GDP growth rate and significantly increase the GDP base over the next 8 years.”

President Tinubu however noted that decades of mismanagement and underutilization have plagued the country’s assets spread across Nigeria and outside the borders, leading to revenue losses that have hindered economic growth.

He assured however that the newly restructured Ministry of Finance Incorporated, which is to act as custodian and active manager of these assets, will now take the centre stage.

The President further emphasised transparency and accountability as key principles, believing that improved corporate governance, innovative partnerships, and attracting alternative investment capital will significantly increase returns.

He noted that these improved returns will then be directed towards “crucial funding for education, healthcare, housing, power, roads and other areas vital to lifting millions out of poverty” and stimulating sustainable economic development and job creation for the youths.

Stressing that this initiative is not just about revenue generation, but about creating inclusive and sustainable growth, President Tinubu said by efficiently managing public resources, the government aims to build a more equitable society and unlock the full potential of its citizens.

He called on all stakeholders, including Ministries, Development Financial Institutions, and both public and private sector players, to partner with MOFI in optimising these strategic assets, expressing hope that the collaborative effort will unlock Nigeria’s full potential and create a brighter future for all citizens.

Earlier, the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, said President Tinubu is mindful of the pains of his administration’s reform programmes and is deploying appropriate mechanisms to address the challenges.

He assured that while 42,000 metric tons of assorted grains is being released with 60,000 metric tons to follow shortly, as part of measures to arrest food inflation, food prices would drop in the coming months as a result of government actions and policies.

The Minister urged the management and board of the Ministry of Finance Incorporated (MOFI) to, among other things, develop a specific line of revenue for the national budget as part of its renewed mandate of supporting the Federal Government’s fiscal stability.

On his part, Chairman of the MOFI Board, Dr Shamsudeen Usman, assured that MOFI will, going forward, play a more active role in the management of assets under its purview, even as he urged operators of the assets to see MOFI as partners rather than competitors or regulators.

Noting that the new management is committed to high level corporate governance, Usman disclosed that the company has integrated a non-conflict of interest policy to guide against practices that undermine professionalism among members of staff.

In the same vein, the Chief Executive Officer (CEO) of MOFI, Dr Armstrong Takang, gave an overview of the MOFI renewed mandate, particularly highlighting expectations from the public and the private sector.

Mr Armstrong also announced the launch of a N100 billion Project Preparation Fund by MOFI as part of its renewed mandate of ensuring professionalism in the management of public assets.

He said the overall objective is to deliver commercial value for the common good of the people, assuring that the company will transform the fortunes of public assets under its purview and restore investor confidence in both the operations and management of the assets.

Also present at the meeting were the Governor of Cross River State, Sen. Bassey Otu; Senate Committee Chairman on Finance, Sen. Sani Musa; Ministers of Agriculture, Sen. Abubakar Kyari; Budget and Economic Planning, Sen. Abubakar Bagudu; Industry, Trade and Investment, Mrs Doris Uzoka-Anite, and the CEO of Heirs Holding, Mr Tony Elumelu, among others.