By Cross Udo and Francis Ajuonuma
The Federal Government has uncovered 32 routes through which food items are smuggled out of Nigeria.
Vice President Kashim Shettima disclosed this yesterday while addressing a conference on Public Wealth Management held in Abuja.
He said on the midnight of Sunday, 45 trucks loaded with maize were intercepted while making their way to neighbouring countries.
The Vice President said, “Just three nights ago, 45 trucks of maize were caught being transported to neighbouring countries. Just in that Ilela axis, there are 32 illegal smuggling routes. And the moment those foodstuff were intercepted, the price of maize came down by N10,000. It came down from N60,000 to N50,000.
“So, there are forces that are hell-bent on undermining our nation but this is the time for us to coalesce into a singular entity,” he said.
Shettima, who acknowledged that Nigeria is passing through a turbulent time, assured the people of the country that the pain will not last forever.
He, however, condemned a situation whereby some persons fuel the embers of division and violence because of the current situation.
“We have to make this country work. We have to move beyond politics. We are now in the face of governance. Sadly, some of our countrymen are still in the political mode. They are the practitioners of violence, advocating that Nigeria should go the Lebanon way. But, Nigeria is greater than any of us here. Nigeria will weather the storm.
“Forces are hell-bent on plunging this country into a state of anarchy. Those who could not get to power through the ballot box, instead for them to wait till 2027, are so desperate,” he said.
*FG targets $10bn to increase FX liquidity, stabilise naira
Meanwhile, the Federal Government has said it has set a target of raising $10bn to increase the foreign exchange liquidity that will stabilise the naira.
The government also hinted at plans to create millions of jobs by unlocking the value of Nigeria’s vast public assets to optimise and double the country’s Gross Domestic Product (GDP).
President Bola Tinubu disclosed this in Abuja during the inaugural Public Wealth Management Conference organized by the Ministry of Finance Incorporated (MOFI) with the theme, “Championing Nigeria’s Economic Prosperity”.
Tinubu, who was represented at the event by Vice President Kashim Shettima, highlighted a low-hanging fruit of identifying, consolidating, and maximizing returns on government-owned assets worth trillions of naira.
A statement issued by the Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, Stanley Nkwocha, quoted Tinubu as saying, “The Federal Government set a goal to raise at least $10bn to increase foreign exchange liquidity, a key ingredient to stabilize the Naira and grow the economy.
“At the core of this is ensuring optimal management of the assets and investments of the Federal Government towards unlocking their revenue potential. This includes our bold and achievable plan to double the GDP growth rate and significantly increase the GDP base over the next eight years.”
The President however noted that decades of mismanagement and underutilisation have plagued the country’s assets spread across Nigeria and outside the borders, leading to revenue losses that have hindered economic growth.
He assured however that the newly restructured Ministry of Finance Incorporated, which was to act as custodian and active manager of these assets, would now take the centre stage.
The President further emphasized transparency and accountability as key principles, believing that improved corporate governance, innovative partnerships, and attracting alternative investment capital would significantly increase returns.
He noted that these improved returns would then be directed towards “crucial funding for education, healthcare, housing, power, roads, and other areas vital to lifting millions out of poverty” and stimulating sustainable economic development and job creation for the youths.
Stressing that this initiative was not just about revenue generation, but about creating inclusive and sustainable growth, Tinubu said by efficiently managing public resources, the government aimed to build a more equitable society and unlock the full potential of its citizens.
He called on all stakeholders, including Ministries, Development Financial Institutions, and both public and private sector players, to partner with MOFI in optimizing these strategic assets, expressing hope that the collaborative effort would unlock Nigeria’s full potential and create a brighter future for all citizens.
Earlier, the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, said the President was mindful of the pains of his administration’s reform programmes and was deploying appropriate mechanisms to address the challenges.
He assured that while 42,000 metric tons of assorted grains were being released with 60,000 metric tons to follow shortly, as part of measures to arrest food inflation, food prices would drop in the coming months as a result of government actions and policies.
The Minister urged the management and board of the Ministry of Finance Incorporated (MOFI) to, among other things, develop a specific line of revenue for the national budget as part of its renewed mandate of supporting the Federal Government’s fiscal stability.
On his part, the Chairman of the MOFI Board, Dr Shamsudeen Usman, assured that MOFI would, going forward, play a more active role in the management of assets under its purview.
