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Senator Isiaka Urges Action to Halt Naira Depreciation for Stability

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Nasiru Eneji Abdulrasheed
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Senator Isiaka Urges Action to Halt Naira Depreciation for Stability

Senator Gboyega Isiaka, a representative of Yewa North/Imeko-Afon Federal Constituency, has issued a clarion call to Nigeria's monetary policy regulators, urging them to take firm steps to halt the plummeting value of the naira. Reacting to President Bola Ahmed Tinubu's 'Renewed Hope Budget' for 2024, Isiaka underscored the critical role a stable foreign exchange rate plays in fostering economic growth, particularly within the private sector.

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Isiaka cautioned against speculative attacks on the naira, highlighting that such maneuvers could further erode its value. He suggested that the exchange rate should be anchored on a fundamental path to stave off potential economic pitfalls. His comments came amidst discussions surrounding Nigeria's 2024 budget, a hefty N27.5 trillion plan designed to nurture economic growth and stability.

Appreciation for Administration's Efforts

The senator also lauded the Tinubu administration for its strides in enhancing debt servicing, tax revenue, and deficit reduction. While acknowledging the budget's potential for short-term challenges, he expressed optimism about its long-term capacity to steer Nigeria towards a landscape of increased economic prosperity.

Isiaka emphasized the necessity for improved performance and efficiency within government institutions, including the judiciary. He believes this is key to the effective implementation of the budgetary goals. Moreover, he called for increased funding for technical and vocational education, recognizing its vital role in shaping the nation's future.

The 'Renewed Hope Budget' aims to create a conducive investment climate, enhance human capital development, alleviate poverty, and expand access to social security. While the path may be challenging, leaders like Senator Isiaka believe in its potential to revolutionize Nigeria's economic narrative. The nation now looks towards the implementation phase, eager to witness the transformation that the budget promises.

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