Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggar, reassured Nigerians that the Bola Ahmed Tinubu administration is working to address the economic challenges arising from recent reforms.
Speaking at his Tuggar Foundation office in Bauchi when he paid a special visit and Condolences, the Minister said, “The covid 19 pandemic closed borders, halted the movement of goods and services, and many people lost their lives, which affected the cost of living globally, including in Nigeria.”
He pointed out that previous governments failed in mis managing the oil sector like refining Petroleum products, forcing the government to depend on expensive fuel imports. “Despite having four refineries, they weren’t upgraded to meet the needs of over 220 million people,” Tuggar added.
The Minister also blamed past CBN exchange rate policies, which prioritized consumption over production, and the fuel subsidy system for draining national reserves.
Minister Tuggar loud Tinubu’s reforms, such as removing fuel subsidies and restructuring the exchange rate system, aimed at curbing financial waste. He acknowledged that the reforms are tough but necessary for economic stability.
The Minister also mentioned government efforts to distribute palliatives and provide agricultural support, such as fertilizers and seeds, to ensure food security. He encouraged Nigerians to remain patient, assuring them that the current sacrifices would lead to long-term economic growth.
