The Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggar, has assured Nigerians that President Bola Ahmed Tinubu’s economic reforms are designed to alleviate the nation’s economic hardship.
Speaking at a press briefing at his Tuggar Foundation office in Bauchi on Saturday, the Minister of Foreign Affairs called on the public to remain patient with the ruling All Progressives Congress-led administration.
He noted that the current economic challenges facing Nigeria are part of a global phenomenon, adding that similar difficulties are being experienced worldwide.
Maitama Tuggar attributed Nigeria’s economic struggles to previous policies and external factors inherited by the Tinubu administration.
He linked the challenges to the 2008 global financial crisis and subsequent events, including the COVID-19 pandemic, which disrupted trade, movement, and livelihoods on a global scale.
“The coronavirus pandemic closed borders, halted the movement of goods and services, and claimed many lives, which has had a lasting impact on the cost of living worldwide, including in Nigeria,” he explained.
The Minister further pointed to disruptions in Nigeria’s economy due to insufficient investment in expanding refinery capacities to meet the growing demand for petrol.
He discussed the nation’s reliance on petrol imports, noting that despite having four refineries, Nigeria has not upgraded their capacities to match the needs of its over 220 million citizens.
He added that Nigeria’s decision to import more petrol coincided with rising global prices, which compounded the country’s economic challenges.
Tuggar also addressed the challenges related to the exchange rate, which he said has been affected by subsidy policies that relied on consumption over production.
He explained that under the previous system, Nigeria incurred significant financial losses as it relied on hard currency to subsidize petroleum imports.
In light of these issues, Tuggar commended President Tinubu’s macroeconomic reforms, introduced in May 2023, which aim to eliminate subsidies on petrol imports and reform the exchange rate system to prevent arbitrary practices.
The Minister noted that the reforms are essential for stabilizing the economy and alleviating the current hardships.
He also expressed concern about cryptocurrency trading, revealing that some traders were using cryptocurrencies for money laundering and to evade regulations which has led the administration to take action, arresting individuals involved in such activities.
