Federal government defends its economic policies

The federal government defends its economic policies, apologizes for hardship

The federal government has expressed regret over the hardship Nigerians has to suffer economically, due to the reforms embarked by the Bola Ahmed Tinubu led administration.

Atiku Bagudu, the minister of budget and economic planning, tendered the apology during a Ministerial Sectoral Update in Abuja, on Wednesday. However, he vehemently upheld the administration’s policies under Tinubu.

Bagudu admitted that the economy and the pockets of the populace were being burdened by the foreign exchange rate and inflation rates that were still over target levels.

“I apologize for the pains that they (policies) may occasion, but they are necessary,” the minister stated.

As of April 2024, the value of the naira had fallen from approximately N460 to a dollar to a startling N1,480, while the rate of inflation had risen from 22.22 percent to 33.69 percent.

The minister maintained that the Tinubu administration’s “Renewed Hope Agenda,” which is focused on eight core areas, is on the right road to promote economic growth despite the current economic downturn.

He asserted that the administration approach is sound, and needs to be adjusted from time to time.

He maintained that in order to solve underinvestment in areas like social welfare, education, and security, it was imperative to restore macroeconomic stability in order to draw in investment and create income.

The minister described the present economic difficulties as the growing pains of an overdue economic realignment.

In the same light, Senator George Akume, the secretary to the government of the federation (SGF), has stated that during its first year in office,

the current administration has achieved notable progress in restoring the economy and establishing social programs to elevate the citizens.

Akume emphasized Tinubu’s efforts to unlock Nigeria’s economic potential through significant reforms while delivering the administration’s

one-year progress report yesterday at a ministerial sectoral briefings session.

He cited measures that have boosted employment growth in a number of industries and drawn in foreign investment.

He claimed that the 2023 energy Law, which gave governments, businesses, and private citizens the freedom to produce,

distribute, and transport energy, was a significant economic step toward ending monopolistic control over the industry.

Regarding the budget, he stated that the controversial fuel subsidy removal was welcomed as a “tough but essential” step to combat corruption and inefficiencies and lessen the government’s annual financial load.

According to the SGF, completing vast road networks, enhancing rail systems, and modernizing ports to promote trade and

connectivity have all contributed to infrastructure development, which has been another major area of attention.

Akume highlighted the administration’s people-focused policies in addition to its economic initiatives by highlighting a number of

social intervention programs that aim to reduce poverty and empower marginalized communities.

According to SGF, in order to promote human capital development, investments have also been directed into healthcare through the construction of new facilities and educational changes.

Akume acknowledged that the first year presented difficulties from a number of perspectives. Nonetheless, he praised

President Tinubu for his “calm, unwavering commitment and resilience” in his diligent service to Nigerians.

According to Akume, the administration is still committed to carrying out its “Renewed Hope Agenda,” which is focused on

social inclusion, economic revival, and infrastructure development for the benefit of all Nigerians.

He added that in order to achieve peace, unity, and the realization of Nigeria’s full potential through the vision and policies of the government, the administration needs coordinated efforts.