Politics

Minister of Foreign Affairs, Tuggar Encourages Nigerians to Remain Patient as Tinubu’s Reforms Aim to Address Economic Issues

Published by Tope Fakinlede on October 13th, 2024.

Minister of Foreign Affairs, Tuggar Encourages Nigerians to Remain Patient as Tinubu’s Reforms Aim to Address Economic Issues

Ambassador Yusuf Maitama Tuggar, Nigeria’s Minister of Foreign Affairs, has called on citizens to exercise patience as President Bola Ahmed Tinubu implements economic reforms intended to alleviate the nation’s financial difficulties.

During a recent press briefing at his Tuggar Foundation office in Bauchi, the Minister emphasized that the current economic challenges are not unique to Nigeria, noting that many countries are facing similar struggles amid global economic turmoil.

Tuggar attributed Nigeria’s economic issues to a combination of past policies and external factors that the Tinubu administration inherited. He highlighted the impact of the 2008 global financial crisis and the COVID-19 pandemic, which severely disrupted global trade and livelihoods.

“The pandemic resulted in closed borders and halted the movement of goods, which has significantly influenced the cost of living, not just in Nigeria but around the world,” he explained.

The Minister pointed to Nigeria’s economic reliance on petrol imports as a critical issue, citing insufficient investments in refining capacities. He mentioned that despite having four refineries, Nigeria has not modernized these facilities to meet the demands of its over 220 million citizens, leading to increased importation coinciding with rising global oil prices.

Tuggar also addressed the challenges surrounding exchange rates, linking them to previous subsidy policies that prioritized consumption over production. He noted that this reliance on imported petroleum created substantial financial burdens due to the need for foreign currency to subsidize imports.

In light of these challenges, he praised President Tinubu’s macroeconomic reforms initiated in May 2023, which aim to remove petrol subsidies and reform the exchange rate system to enhance stability. Tuggar underscored the importance of these reforms in mitigating current hardships and stabilizing the economy.

Additionally, he raised concerns about cryptocurrency trading, indicating that some traders have exploited it for money laundering, prompting the administration to take action against such illegal activities.

Concluding his remarks, Tuggar urged Nigerians to remain hopeful, assuring them that while the ongoing reforms may be difficult, they pave the way for a more stable economic future. He reiterated the administration’s dedication to steering the nation through these challenging times.