The Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggar, has reassured Nigerians that President Bola Ahmed Tinubu’s economic reforms will alleviate the nation’s economic hardship.
Speaking at a press briefing at his Tuggar Foundation office in Bauchi on Saturday, the Minister of Foreign Affairs called on the public to remain patient with the ruling All Progressives Congress-led administration.
The Minister attributed Nigeria’s economic struggles to global factors, past policies, and external events, including the 2008 financial crisis and COVID-19 pandemic. He emphasized that similar economic challenges are being experienced worldwide, according to Daily Post.
Nigeria’s reliance on petrol imports, despite having four refineries, has compounded economic challenges. The country’s failure to upgrade refinery capacities to meet growing demand has resulted in increased reliance on imports, coinciding with rising global prices.
Tuggar praised President Tinubu’s macroeconomic reforms, introduced in May 2023. These reforms aim to eliminate subsidies on petrol imports and reform the exchange rate system to prevent arbitrary practices.
The Minister expressed concerns about cryptocurrency trading being used for money laundering and regulation evasion. This has led to arrests and increased scrutiny.
Tuggar urged Nigerians to remain patient, citing the need for time to implement and realize the benefits of the economic reforms.
The Minister’s reassurance comes as Nigeria seeks to stabilize its economy and alleviate hardships. President Tinubu’s administration remains committed to implementing reforms to ensure economic recovery.
“The coronavirus pandemic closed borders, halted the movement of goods and services, and claimed many lives, which has had a lasting impact on the cost of living worldwide, including in Nigeria,” he explained.