- Foreign Affairs Minister Yusuf Tuggar urged Nigerians to be patient with the APC government as it implements reforms to alleviate economic hardship
- Tuggar attributed Nigeria’s economic struggles to inherited policies and external factors, emphasizing the need for collective effort to overcome challenges
Foreign Affairs Minister, Ambassador Yusuf Maitama Tuggar, has called on Nigerians to be patient with the All Progressives Congress (APC) government and President Bola Ahmed Tinubu as they implement reforms to alleviate economic hardship.
He acknowledged the difficult economic conditions at his Tuggar Foundation office in Bauchi. Still, he emphasized that the challenges are not unique to Nigeria, as similar issues are experienced worldwide.
Tuggar attributed Nigeria’s current economic struggles to inherited policies and external factors, including the 2008 global financial crisis and the COVID-19 pandemic, which disrupted global trade, movement, and livelihoods.
He noted that the pandemic caused border closures and severely impacted the cost of living globally, including in Nigeria.
He also pointed out Nigeria’s reliance on petrol imports due to a failure to invest in expanding its refinery capacities, despite having four refineries.
This reliance on imports has compounded the economic situation, particularly as global fuel prices have risen.
The Minister discussed the negative impact of the previous government’s subsidy system, which he said prioritized consumption over production and drained the country’s finances by relying on hard currency to subsidize petrol imports.
He praised President Tinubu’s reforms, initiated in May 2023, which removed petrol subsidies and reformed the exchange rate system to prevent arbitrary practices.
Tuggar also raised concerns about the misuse of cryptocurrencies for money laundering and evading regulations, stating that the administration had taken steps to arrest those involved.
To help mitigate the hardships caused by the reforms, the government has been distributing palliatives and providing agricultural support, such as fertilizers and seeds, to promote food security.
Tuggar assured Nigerians that while the current situation is challenging, the government is working towards a brighter, more stable economic future. He urged citizens to remain patient as the administration navigates these difficult times.