The Minister of Budget and Economic Planning Atiku Bagudu has apologised over the economic hardships being faced by Nigerians even as he staunchly defended the policies of the President Bola Tinubu-led administration.
Speaking on Wednesday at a Ministerial Sectoral Update in Abuja, Bagudu acknowledged that both foreign exchange rates and inflation figures were still above target levels thereby putting strain on the economy and citizens’ pockets.
“I apologise for the pain that they (policies) may occasion, but they are necessary,” Bagudu stated.
The Naira has fallen from around N460 to a Dollar to N1,480, while inflation skyrocketed to 33.69% as of April 2024, up from 22.22% a year prior.
Despite the economic turmoil, the Minister insisted that the Tinubu administration’s “Renewed Hope Agenda” centered around eight priority areas was on the right track to spur growth in Africa’s largest economy.
“Is our strategy right? Absolutely. We believe our strategy is right, but it requires occasional calibration,” Bagudu asserted.
He argued that restoring macroeconomic stability was crucial to attract investment and generate revenues to address underinvestment in sectors like security, education and social welfare.
The minister portrayed the current economic challenges as pains accompanying an overdue economic restructuring.
“Nothing we do can solve the problem of underinvestment without restoring a macro-economy that can stimulate investment,” he said.