Abuja, Nigeria – The Minister of Budget and National Planning, Atiku Bagudu, has called on Nigerian families to engage in candid discussions about resource management and prioritize their basic needs. He emphasized that Nigeria is not as wealthy as many perceive and highlighted the importance of prudent financial management at both national and household levels.
Bagudu’s remarks came on Wednesday in Abuja, following a meeting with Federal Government officials and representatives from the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC). This meeting addresses the widespread economic hardship facing the nation, exacerbated by rising energy and food costs.
“The Bola Tinubu administration has made bold choices that, while challenging, are necessary for long-term growth,” Bagudu stated, defending the government’s policies. He noted that state and local governments are now receiving better funding and that ongoing reforms are beginning to attract positive investments.
“While tough decisions may come with challenges, we are managing them. Many of the measures implemented have started to yield a higher level of investment. We believe we have halted the decline. Although we are not yet where we want to be, we must confront our realities. It is crucial to acknowledge that we are not as rich as we once thought,” he asserted.
Bagudu underscored the need for collective action, urging families and the nation to mobilize resources effectively to navigate the current economic challenges. Nigerians are facing one of the worst economic crises in decades, with soaring inflation primarily driven by skyrocketing energy and food prices.
Critics have pointed to President Bola Tinubu’s twin policies of petrol subsidy removal and the unification of foreign exchange rates as significant contributors to the ongoing economic instability, arguing that these measures have led to unbearable inflation and an unprecedented rise in living costs.