Economy: Despite hardship, there is light at end of tunnel, Nigerian govt assures

Amid ongoing hardship experienced by Nigerians due to the increase in the prices of petrol, the Federal Government has assured Nigerians that better days ahead.

Ripples Nigeria reports that since assuming power last year, President Bola Ahmed Tinubu has enacted policies and reforms like subsidy removal and foreign exchange floating, billed as ways to revive the economy and attract foreign investment.

However, Nigerians have been at the receiving end of the policies with fuel prices soaring and inflation hitting a three-decade high.

However, while speaking at the 30th anniversary of the Nigerian Economic Summit in Abuja on Monday, the Minister of Budget and Economic Planning, Atiku Bagudu, assured Nigerians that despite the hardship in the land, there would be light at the end of the tunnel.

“Those are significant pieces of evidence that reforms and investments are working. These governance and institutional reforms have helped to improve our macro-economic performance.

“Our GDP has been enhanced from 2.98 per cent growth in first quarter of 2024 to 3.19% in quarter two of 2024, inflation is trending downwards while external reserves are improving.

“We seek cooperation and understanding of the broad spectrum of the citizenry as there is indeed light at the end of the tunnel.”

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According to the minister, Nigeria’s external trade balance improved slightly in Q2 of 2024 which shows the efficacy of the reforms of the current administration.

Bagudu expressed confidence at the state of the nation’s economy, explaining that it is facing the right direction with decline in inflation among other economic indices.

“What has been achieved is a result of boldness, resilience and collaboration. We need more to compensate for the decades of under-investment and to ensure that we deliver a collaborative, competitive and stable environment,” he stated.

He explained that the summit’s theme, ‘Collaborative action for growth, competitiveness and stability’ reflects the critical imperatives required to sustain the nation’s economic growth and development.

Bagudu explained that the government is making consistent efforts to improve the lives of all Nigerians in line with the renewed hope agenda.

By: Babajide Okeowo

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