The federal government has apologized to Nigerians over the economic pains they go through as a result of the reforms embarked upon by the Bola Ahmed Tinubu administration.
The apology came yesterday from the minister of budget and economic planning, Atiku Bagudu, at a Ministerial Sectoral Update in Abuja
He, however, staunchly defended the policies of the Tinubu-led administration.
Bagudu acknowledged that both foreign exchange rate and inflation figures were still above target levels, putting strain on the economy and the citizens’ pockets.
The minister said,
“I apologise for the pains that they (policies) may occasion, but they are necessary.”
The naira has plummeted from around N460 to a dollar to a staggering N1,480 while inflation skyrocketed to 33.69 percent as of April 2024, up from 22.22 percent a year prior.
Despite the economic crisis, the minister insisted the Tinubu administration’s “Renewed Hope Agenda” centered around eight priority areas was on the right track to spur growth in the economy.
“Is our STRATEGY, right?
Absolutely.
We believe our strategy is right, but it requires occasional calibration,” Bagudu asserted.
He argued that restoring macroeconomic stability was crucial to attract investment and generate revenues to address underinvestment in sectors such as security, education and social welfare.
The minister portrayed the current economic challenges as pains accompanying an overdue economic restructuring.
“Nothing we do can solve the problem of underinvestment without restoring a macro-economy that can stimulate investment,” he said.
