Nigeria’s Economic Reforms: Tuggar Calls for Patience Amidst Hardship
By Ahmed Ahmed
The Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggar has urged the public to exercise patience with the ruling All Progressives Congress (APC) and President Bola Ahmed Tinubu.
Tuggar made the appeal at a news conference on Saturday in Bauchi saying, the current economic challenges are not unique to Nigeria but are instead part of a broader global issue.
He attributed Nigeria’s economic struggles to previous policies and external factors inherited by the current administration.
“Some of the challenges we face today are rooted in the 2008 global financial crisis, followed by the COVID-19 pandemic, which severely disrupted trade, movement, and livelihoods worldwide,” Maitama Tuggar explained.
He noted that Nigeria’s economy has suffered from a lack of investment in expanding its refinery capacities to meet the growing demand for petrol.
“The country’s reliance on petrol imports, despite having four refineries, has coincided with rising global prices, complicating the economic landscape.
“The exchange rate has been affected by subsidy policies that favored consumption rather than production, resulting in significant financial losses,” he said.
According to him, President Tinubu’s macroeconomic reforms in May 2023, aimed at eliminating subsidies on petrol imports.
“Reforming the exchange rate system to prevent arbitrary practices.
“These reforms are crucial for stabilizing the economy and reducing ongoing hardship,” Tuggar noted.
He stressed that to mitigate hardships, the government has been distributing palliatives and providing agricultural support, including fertilizers and seeds, to promote food security.
Tuggar also addressed concerns about cryptocurrency trading, which has undermined the economic system.
“Some traders have used cryptocurrencies to launder money and evade regulations, prompting the administration to arrest individuals involved in such activities.
Maitama Tuggar concluded by urging Nigerians to remain patient, assuring them that while the current reforms are challenging, there is hope for a brighter future ahead.
“We understand the difficulties, but we are committed to navigating through these difficult times and fostering a more stable economic environment for all Nigerians,” he emphasized.
The Minister’s appeal for patience comes as Nigerians continue to navigate the complexities of economic reform.
“With persistence and collective effort, Nigeria can overcome its current challenges and build a stronger, more resilient economy,” he said.