The Federal Government has apologised to Nigerians for the economic hardships they are experiencing while affirming that President Bola Ahmed Tinubu’s administration’s policies are on the right track despite the challenges posed by currency crises and inflation.
At the Ministerial Sectoral Update in Abuja on Wednesday, marking the one-year anniversary of President Tinubu’s tenure, Minister of Budget and Economic Planning, Atiku Bagudu, acknowledged the difficulties but emphasized the government’s commitment to its agenda.
The government announced that the anniversary celebrations would be low-key, focusing on sectoral briefings rather than elaborate events.
Secretary to the Government of the Federation, Senator George Akume, highlighted that in the past year, President Tinubu has introduced policies aimed at sustainable economic growth and prosperity. The administration has focused on eight priority areas under the “Renewed Hope Agenda” to drive economic growth.
Despite these efforts, the currency has depreciated significantly from around N460 per dollar to N1480, and inflation has risen to 33.69 percent as of April 2024, compared to 22.22 percent in April 2023. Bagudu admitted that both foreign exchange rates and inflation were still higher than desired.
He stated, “The solution is to restore macroeconomic stability to ensure both domestic and international investors regain confidence in our economy. We are doing this without playing the blame game. I apologize for the pain caused, but these measures are necessary. Our strategy is right, though it may require occasional adjustments.”
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Bagudu stressed the importance of addressing underinvestment in various sectors, including security, education, and social welfare, by creating a stable macroeconomic environment to attract investment.
Senator Akume reiterated the administration’s commitment to good governance and the rule of law, which he said have strengthened democratic institutions and improved transparency and accountability.
Regarding the removal of the fuel subsidy on President Tinubu’s first day in office, Akume explained that the subsidy was a long-standing policy that fostered corruption and inefficiency while placing a significant fiscal burden on the government.
He noted that the administration has implemented key economic reforms to stabilize the economy and promote sustainable growth, including policies that have attracted foreign investments, reduced inflation, and boosted job creation.
Highlighting significant policy achievements, Akume mentioned the Presidential assent to the 2023 Electricity Bill, which decentralized the power sector, and the Nigeria Data Protection Bill 2023, which established a framework for safeguarding personal information.
Minister of Information and National Orientation, Alhaji Mohammed Idris, noted that the anniversary celebrations would be modest, with a focus on sectoral briefings by cabinet ministers to highlight the achievements of their respective ministries in line with President Tinubu’s policy to enhance efficiency and ensure prudent government spending.
