Senate Explores Policy Options To Allay Naira Depreciation.

Senate Explores Policy Options To Allay Naira Depreciation.

Senate Committee on Finance, says it is exploring a range of policy options to mitigate the impact of the currency’s decline in value and foster economic stability in the country.

he measures, according to the committee in a statement signed by its chairman, Senator Sani Musa said, plans have been put in place for the robust oversight of fiscal policies, engagement with key stakeholders and the formulation of targeted interventions to support key sectors of the economy.

Musa said, 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, adding that, the “economic managers will adhere strictly to the norms and standards set by this administration to ensure that we achieve the desired outcomes in taking Nigeria to its economic growth and prosperity”, while, pledging the support of the National Assembly to the executive arm of government to achieve the set goals.

He, 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 Senate Committee on Finance said, it is closely monitoring the situation and is committed to working collaboratively with relevant stakeholders to implement effective policies and strategies, and it is imperative to address the root causes of Naira depreciation, including fluctuations in global oil prices, fiscal deficits, and structural imbalances in the economy.

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