The Senate through its Committee on Finance, has said that it is exploring a range of policy options to lessen the impact of the currency’s decline in value and foster economic stability in the country.
In a statement signed by the committees chairman, Senator Sani Musa (APC Niger East) and released on Sunday, the measures include robust oversight of fiscal policies, engagement with key stakeholders and the formulation of targeted interventions to support key sectors of the economy.
Musa pointed out that the statement became necessary to address the current state of the economy and the need for concerted efforts at tackling the instability and continuous depreciation of the Naira.
He, however, urged Nigerians to remain vigilant and resilient as they navigate these uncertain times, saying “together, we can overcome the challenges facing our economy and chart a path towards prosperity for all”.
The statement reads partly, “The Nigerian economy is facing significant challenges, exacerbated by both internal and external factors.
“Despite efforts to stabilize and bolster economic growth, the numerous initiatives and bold but necessary steps and policy decisions taken by President Bola 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.”
