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Senate Set to tackle Naira Issue with New Policies

by Vicky Oselumese
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Senate Set to tackle Naira Issue with New Policies

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The Senate Committee on Finance has expressed concern over the instability and continuous depreciation of the naira.

In a statement issued on Sunday, Senator Mohammed Sani Musa, the chairman of the committee, stated that they are closely monitoring the situation and are committed to working with relevant stakeholders to implement effective policies and strategies to tackle the issue.

The Nigerian economy is currently facing significant challenges, both internally and externally. Despite efforts to stabilize and bolster economic growth, the persistent depreciation of the naira against major foreign currencies has become a pressing concern.

The Senate Committee on Finance is determined to address the root causes of this depreciation, including fluctuations in global oil prices, fiscal deficits, and structural imbalances in the economy. To safeguard the stability and resilience of the currency, the committee is exploring a range of policy options.

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 crucial to enhance transparency and accountability in fiscal management processes to instill confidence in investors and promote sustainable economic growth.

As the committee looks into these uncertain times, they urge all Nigerians to remain vigilant and resilient.

This article was updated 2 months ago

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