The Federal Government has issued an apology to Nigerians for the economic difficulties and hardships caused by the current currency crisis and inflation.
Despite these challenges, the government maintained that its policies were on the right track.
At a ministerial briefing in Abuja on Wednesday, Minister of Budget and Economic Planning, Atiku Bagudu, acknowledged the pain and frustration caused by the economic situation.
He emphasized that the government’s policies were aimed at addressing the underlying issues and creating a foundation for sustainable economic growth and prosperity.
The Secretary to the Government of the Federation, Senator George Akume, also highlighted the administration’s efforts to implement policies and programs that benefit all Nigerians.
He acknowledged that the currency depreciation and inflation remain significant challenges.
Recall that since the current administration assumed office in May 2023, it has faced a currency crisis, with the exchange rate deteriorating from N460 to N1480 per dollar.
Inflation has also risen, reaching 33.69% in April 2024, up from 22.22% in April 2023.
Minister Bagudu admitted that foreign exchange prices and inflation remain above target, despite the government’s efforts to address these issues.
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.”
He continued, ” “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.”
SGF, Senator George Akume, said Tinubu is committed to good governance and the rule of law, saying this has helped to strengthen democratic institutions and enhanced transparency and accountability in governance.
Speaking on the fuel subsidy that was removed by President Tinubu on his first day in office, Akume said that even though it was challenging, it was necessary to remove the subsidy because it was “a longstanding policy notorious for fostering corruption, inefficiency, and imposing significant fiscal strain on the government annually, primarily benefiting the affluent and smugglers, rather than effectively aiding the general populace.”
He said the current administration has implemented significant economic reforms aimed at stabilising the economy and fostering sustainable growth, noting that key among these is the introduction of policies that have attracted foreign investments, reduced inflation, and boosted job creation across various sectors.
He said that from the outset, President Tinubu’s administration had set forth an ambitious agenda focused on economic revitalization, social inclusion, and infrastructural development, according to Nigerian Tribune.
SGF said: “I make bold to say that Nigeria, under its present stewardship, has witnessed significant policy strides in various sectors, including but not limited to:
“The Presidential accent to the 2023 Electricity Bill, a move that dismantled monopolistic control over electricity generation, transmission, and distribution at the national level and granted authority to state governments, corporations, and individuals to generate, distribute, and transmit electricity, thus decentralising the power sector.
“Accent to the passage into law of the Nigeria Data Protection Bill 2023 that established a legal framework for safeguarding personal information and promoting data protection practices in Nigeria; and
“The challenging but very necessary removal of fuel subsidy, a longstanding policy notorious for fostering corruption and inefficiency, imposing significant fiscal strain on the government annually, and primarily benefiting the affluent and smugglers, rather than effectively aiding the general populace.
“It is apt to say that under President Tinubu’s stewardship within his first year in office, we have witnessed significant strides in various sectors of our economy. Through prudent fiscal policies and strategic investments, the Nigerian economy has shown resilience and potential for growth.
“The administration’s focus on infrastructure development, job creation, and economic diversification has laid the foundation for sustainable progress and prosperity for all Nigerians,” he said.
According to him, the event was essentially purposed to render accountability to Nigerians by promoting the accomplishments of the present administration within its first year in office and to reassure citizens that the government remains focused and committed to the implementation of the Renewed Hope Agenda for a positive impact on the socio-economic lives of Nigerians.
He recalled that President Tinubu had declared his unwavering commitment to unleashing the country’s full economic potential by focusing on job creation, access to capital for small and large businesses, inclusiveness, the rule of law, and the fight against hunger, poverty, and corruption for the good of the people.
He said the first year in office of President Tinubu has been a testament of sorts and goes to show the unwavering commitment and resilience of the current administration towards serving the Nigerian people with diligence, integrity, and dedication.
Minister of Information and National Orientation, Alhaji Mohammed Idris, noted that the one-year anniversary celebration of President Bola Tinubu would be low-key; hence, emphasis would be placed only on sectoral briefings.
The cabinet ministers are expected to take turns briefing the media on the activities of their various ministries consistent with the policy of the President.
He said: “There will be no ceremonies surrounding the one-year anniversary of the President; we are going to have sectoral briefings by the various ministers, which is consistent with the policy of President Tinubu to improve efficiency and ensure that government expenditure is also kept for the good of the people,” he stated.
