The Minister of Budget and Economic Planning, Atiku Bagudu, has expressed optimism that the exchange rate in Nigeria will improve due to ongoing exchange reforms by President Bola Tinubu and the Central Bank of Nigeria (CBN). Bagudu noted that countries that have liberalized their foreign exchange markets, like Nigeria, have historically enjoyed better exchange rates.
Bagudu highlighted the executive orders signed by President Tinubu and the CBN’s efforts to reform the foreign exchange system, emphasizing that the market needs to operate as a willing-buyer, willing-seller environment. He acknowledged the inconvenience caused by the current fluctuations but believes that stability and improvement will follow.
The minister urged local and foreign investors to take steps in this direction, referring to global indices that suggest positive developments. He emphasized that Nigeria’s efforts to raise revenue and reduce borrowing in the 2024 budget are aimed at achieving better economic stability.
Addressing the issue of public officials’ performance, Bagudu advised Nigerians to demand the resignation of officials who fail to deliver in their assigned roles. He emphasized the importance of challenging public officers and holding them accountable for their responsibilities.
In response to the projected oil production in the 2024 budget, Bagudu stressed the need for collective efforts to achieve the set targets. He encouraged challenging public officers to deliver on their assignments and highlighted the potential for Nigeria to achieve its oil production targets by boosting production, encouraging investment, and strengthening the exchange rate.
