The Federal Government of Nigeria has issued a public apology to Nigerians over pervading economic hardship they are presently going through.
Recognizing the pain and difficulties faced by Nigerians due to inflation and currency devaluation, the government expressed remorse while affirming the necessity of its policies to address underlying issues.
The apology came during a press conference held to mark President Tinubu’s one-year anniversary in office.
At the conference, the Minister of Budget and Economic Planning, Atiku Bagudu, conveyed the government’s acknowledgment of the adverse effects of its policies on the populace.
Bagudu clarified that the administration’s actions were driven by a commitment to implementing the “Renewed Hope Agenda,” a comprehensive strategy developed through meticulous analysis and consultation with stakeholders.
He said: “If we don’t make these decisions, we may continue to… because the experience of the nations we compete with, or aspire to emulate, shows that they made those decisions long ago and that they were important.
“To address our nation’s challenges, we are implementing the Renewed Hope Agenda, which focuses on macro-economic reforms. This is necessary because low investment, low revenues, and a shrinking economy have hindered progress in various sectors, including security, education, and social welfare. Without a macro-economic environment that stimulates investment and generates revenue, we cannot effectively address these issues.
“For example, we are currently unable to produce crude oil at the levels allowed by our OPEC quota due to underinvestment in physical infrastructure and security. By prioritising macro-economic reforms, we aim to create an environment conducive to investment and growth, enabling us to tackle the pressing challenges facing our nation.”
Despite the challenges, Bagudu reaffirmed the government’s commitment to mitigating the adverse effects of reforms, particularly through a comprehensive review of social investment programs to ensure they effectively serve the wider economy.
