FG sends apology to citizens over economic pains

The Nigerian government has apologized to Nigerians over their sufferings as a result of President Bola Tinubu’s economic reforms.

Minister of Budget and Economic Planning, Atiku Bagudu convey the apology at the ministerial sectoral update to mark President Tinubu’s one year in office in Abuja.

Bagudu added that the foreign exchange rate and inflation figures were still higher than the target, thereby putting strain on the economy and the citizens’ pockets, there are however in the best interest of the nation as policies to reposition the country were being intensified.

“I apologise for the pains that the (policies) may occasion, but they are necessary.

“The naira has plummeted from around N460 to a dollar to a staggering N1,480 while inflation skyrocketed to 33.69 percent as of April 2024, up from 22.22 percent a year prior.”

According to him, Tinubu’s ‘Renewed Hope Agenda’ which centred around eight priority areas were on track and would be pursued until it sparks the growth of the nation.

“Is our strategy right? Absolutely. We believe our strategy is right, but it requires occasional calibration,” Bagudu asserted.

The Minister noted that macroeconomic stability was need to attract investment and generate revenue for the nation, adding that economic challenges was due to economic restructuring.

“Nothing we do can solve the problem of underinvestment without restoring a macro-economy that can stimulate investment,”.