The Senate’s Effort to Address Naira Depreciation

Amidst concerns over the recent decline of the Naira against major foreign currencies, the Senate’s Committee on Finance is actively exploring various policy options to mitigate the impact of the currency’s depreciation and enhance economic stability within the nation.

According to a statement released by the committee and signed by Senator Sani Musa (APC Niger East), the measures being considered include stringent oversight of fiscal policies, engagement with key stakeholders, and the development of targeted interventions to bolster crucial sectors of the economy.

Senator Musa emphasized the necessity of addressing the current economic state and the urgency to combat the instability and continuous devaluation of the Naira. He expressed optimism that adherence to established norms by economic managers would steer Nigeria towards growth and prosperity, pledging the National Assembly’s support to the executive branch in achieving set objectives.

Despite the challenges faced by Nigeria’s economy due to both internal and external factors, efforts to enhance economic growth have been hindered by the persistent depreciation of the Naira against foreign currencies. This has prompted the Senate Committee on Finance to closely monitor the situation and collaborate with stakeholders to enforce effective policies and strategies.

It is crucial to tackle the root causes of Naira depreciation, such as fluctuations in global oil prices, fiscal deficits, and structural imbalances within the economy. The Senate remains committed to implementing proactive measures to safeguard the currency’s stability and resilience.