Tinubu’s Reforms Will Ease Economic Hardship – Tuggar

The Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggar, has reassured Nigerians that the economic reforms implemented by President Bola Ahmed Tinubu are intended to ease the country’s economic difficulties.

During a press conference at his Tuggar Foundation office in Bauchi on Saturday, the Minister urged the public to be patient with the administration led by the All Progressives Congress.

He pointed out that Nigeria’s current economic issues are part of a global trend, with similar challenges being faced around the world.

Maitama Tuggar attributed Nigeria’s economic difficulties to past policies and external factors that the Tinubu administration inherited.

He connected these challenges to the 2008 global financial crisis and subsequent events, including the COVID-19 pandemic, which disrupted global trade, movement, and livelihoods.

“The pandemic led to border closures, halted the flow of goods and services, and resulted in many fatalities, which has had a lasting effect on living costs worldwide, including in Nigeria,” he stated.

The Minister also highlighted the impact of inadequate investment in expanding refinery capacities to meet the increasing demand for petrol on Nigeria’s economy.

He noted that despite having four refineries, Nigeria has not upgraded their capacities to serve its population of over 220 million, leading to a reliance on petrol imports.

He mentioned that the decision to import more petrol coincided with rising global prices, exacerbating the country’s economic issues.

Tuggar also discussed the challenges related to the exchange rate, which he said have been influenced by subsidy policies that favored consumption over production.

He explained that the previous system resulted in significant financial losses for Nigeria as it depended on foreign currency to subsidize petroleum imports.

In response to these challenges, Tuggar praised President Tinubu’s macroeconomic reforms introduced in May 2023, which aim to eliminate petrol import subsidies and reform the exchange rate system to prevent arbitrary practices.

The Minister emphasized that these reforms are crucial for stabilizing the economy and alleviating current hardships.

He also expressed concern about cryptocurrency trading, revealing that some traders were using cryptocurrencies for money laundering and evading regulations, prompting the administration to take action and arrest those involved in such activities.