ABUJA, NIGERIA – The federal government has issued an apology to Nigerians for the economic difficulties arising from the current administration’s reforms. The apology was delivered by the Minister of Budget and Economic Planning, Atiku Bagudu, during a Ministerial Sectoral Update in Abuja on Tuesday.
Minister Bagudu acknowledged the strain caused by high foreign exchange rates and inflation, which have adversely affected the economy and the cost of living for citizens. Despite these challenges, he staunchly defended the administration’s policies, emphasizing their necessity for long-term economic stability and growth.
“I apologize for the pains that they [policies] may occasion, but they are necessary,” Bagudu stated. He highlighted the plummet of the naira from approximately N460 to a dollar to N1,480, and the rise in inflation to 33.69 percent as of April 2024, up from 22.22 percent the previous year. Despite these figures, he maintained that the Tinubu administration’s “Renewed Hope Agenda,” which focuses on eight priority areas, is crucial for economic revitalization.
Bagudu asserted, “Is our strategy right? Absolutely. We believe our strategy is right, but it requires occasional calibration.” He argued that restoring macroeconomic stability is essential to attract investment and generate revenues needed to address underinvestment in critical sectors such as security, education, and social welfare. He portrayed the current economic challenges as the necessary pains accompanying overdue economic restructuring.
Meanwhile, the Secretary to the Government of the Federation (SGF), Senator George Akume, delivered a one-year progress report of the administration, emphasizing significant strides made in reviving the economy and implementing social programs. Akume highlighted key reforms aimed at stabilizing the economy and fostering sustainable growth.
“This administration has implemented significant economic reforms aimed at stabilizing our economy and fostering sustainable growth,” Akume said. He noted policies that have attracted foreign investment and created jobs across various sectors. A major economic move highlighted was the 2023 Electricity Law, which dismantled monopolistic control over electricity, allowing states, corporations, and individuals to generate, distribute, and transmit power.
On the fiscal front, Akume pointed to the removal of the fuel subsidy as a “challenging but necessary” step to curb corruption, inefficiency, and reduce the annual fiscal burden on the government. He also emphasized infrastructure development, citing the completion of extensive road networks, improved rail systems, and the modernization of ports to facilitate trade and connectivity.
In addition to economic measures, Akume emphasized the administration’s people-focused policies through social intervention programs targeting poverty alleviation and the empowerment of vulnerable groups. “These initiatives have provided financial assistance, skills acquisition opportunities, and improved access to essential services,” he explained. Investments have also been channeled into healthcare through new facilities and educational reforms to boost human capital development.
Despite the challenges faced in the first year, Akume commended President Tinubu for his “calm, unwavering commitment and resilience” in serving Nigerians with diligence. He called for collective efforts towards unity, peace, and realizing Nigeria’s full potential through the government’s vision and policies. Moving forward, the administration remains focused on its “Renewed Hope Agenda,” centered on economic revitalization, social inclusion, and infrastructural progress for the betterment of all Nigerians.
