By Mahmud Abdullahi
The Chairman, Senate Committee on Finance, Senator Muhammad Sani Musa, has assured that the Senate Committee on Finance is exploring a range of policy options to mitigate the impact of Naira depreciation and foster economic stability.
Senator Sani Musa gave the assurance in a statement he personally signed and made available to newsmen, mentioned the policy options to include robust oversight of fiscal policies, engagement with key stakeholders, and the formulation of targeted interventions to support key sectors of the economy.
The Senator representing Zone B in Niger State, lamented that the Nigerian economy is facing significant challenges, exacerbated by both internal and external factors, saying despite policy decisions taken by President Bola Ahmed Tinubu, the persistent depreciation of the Naira against major foreign currencies has become a pressing concern.
According to the statement; “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 instil confidence in investors and promote sustainable economic growth.” It added.
The Chairman House Committee on Finance called for concerted efforts in tackling the instability and continuous depreciation of the Naira to address the current economic challenges in the country.
The Senator however tasked those at the helm of the country’s Economic affairs to adhere strictly to the norms and standards set by the present administration to ensure the desired outcomes are achieved in taking Nigeria to its economic growth and prosperity.
