Politics

BREAKING: Why Nigerians Are Facing Current Economy Hardship— Bagudu

Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, expressed optimism about Nigeria’s economic trajectory, in an interview with Channels Television, highlighting significant improvements since President Bola Tinubu assumed office in May 2023. Addressing the House of Representatives in Abuja, Edun emphasized the country’s shift away from a path of potential economic collapse.

Edun underscored the dire fiscal situation preceding Tinubu’s presidency, citing unsustainable expenditure patterns, particularly in subsidies for fuel and foreign exchange. He emphasized the confusion caused by these subsidies, which distorted market incentives and fostered speculative activities.

President Tinubu’s administration, operating under the ‘Renewed Hope’ agenda, has pursued a series of reforms aimed at addressing Nigeria’s economic challenges. Notably, the removal of contentious fuel subsidies has contributed to inflationary pressures and increased living costs. Despite these hardships, Edun assured Nigerians of the administration’s unwavering commitment to improving the quality of life for all citizens.

The Minister’s remarks underscored the importance of sustainability in economic policies, echoing sentiments shared by the Governor of the Central Bank of Nigeria (CBN). The administration’s 8-point agenda, initiated upon assuming power, has steered the nation towards a more stable economic footing.

President Tinubu, during his campaign under the All Progressives Congress (APC), vowed to prioritize Nigeria’s development and implement swift, impactful reforms. While challenges persist, Edun’s testimony before the House of Representatives reflects a cautious optimism regarding the country’s economic prospects under Tinubu’s leadership.

“Where we are as a nation economically is a much better place than we were on the 29th of May, 2023. We have heard from the governor of the CBN. He has talked about the importance of sustainability,” he told the lawmakers in Abuja.

“Before the implementation of the 8-point agenda of the President began, we were in an unsustainable place in terms of the fiscal situation of Nigeria. We were on the road to economic disaster.”

The coordinating minister of the economy also noted that the country’s expenditure before the current administration was wasteful and unsustainable.

“We had expenditure which was wasteful and unsustainable by way of the subsidy not just on fuel but the subsidy on foreign exchange which confused the incentive framework and people were chasing cheap dollars in other to make an instant profit,” he said.