FG apologises to Nigerians over economic pains, HARDSHIP

The Federal Government has apologised to Nigerians for the pain and economic hardship being experienced in the country, noting, however, that the policies of the President Bola Ahmed Tinubu-led government are on track despite the currency crisis and inflation, which have frustrated economic growth

Minister of Budget and Economic Planning, Atiku Bagudu, on Wednesday at the Ministerial Sectoral Update held in Abuja as part of activities marking the May 29, 2024, one-year anniversary of President Tinubu in office.

The government has also announced that the one-year anniversary celebration of President Bola Tinubu will be low-key; hence, emphasis will be placed only on sectoral briefings.

Bagudu said that under the slogan ‘Renewed Hope Agenda,” the Tinubu government chose eight priority areas that would spur economic growth and prosperity for Africa’s biggest economy.

However, since the administration took over the office in May 2023, the currency has depreciated from around N460 per dollar to N1480, while inflation has hit 33.69 per cent as of April 2024.

The minister, however, admitted in his address that both foreign exchange prices and inflation were still above target.

Bagudu said, “So what’s the answer to all of these? It’s to restore macroeconomic stability that will ensure that investors, both domestic and international, put their faces in our economy once again. And we are all doing this without a blame game.

“And I apologise for the pain that they may occasion, but they are necessary. So, not surprisingly, the exchange rate is not yet where we want it to be. Inflation is not yet where we want it to be.

“Is our strategy right? Absolutely. We believe our strategy is right, but it requires occasional calibration. Put good money to use.”

Bagudu said, “Nothing we do can solve the problem of underinvestment in various sectors of the economy, be it security, be it education, or be it social welfare, without restoring a macro-economy that can simulate investment in our economy, which will generate revenues for us to fix security.

“Our infrastructure is not catching up with our dreams. Our educational system and our health system are suffering from underinvestment, in addition to our other sectors, the creative economy, the digital economy, and the steel sector.”

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