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FG Apologizes to Nigerians for Economic Hardships, Calls Them “Necessary”

FG Apologizes to Nigerians for Economic Hardships, Calls Them "Necessary"

The federal government has apologized to Nigerians for the current economic hardships.

Minister of Budget and Economic Planning, Atiku Bagudu, made the apology on May 22 in Abuja during the Ministerial Sectoral Update. This event was part of the one-year anniversary of President Bola Ahmed Tinubu’s administration.

Bagudu acknowledged the difficulties but emphasized that they are necessary for the country’s long-term economic stability and growth.

He said the way-out “is to restore macroeconomic stability that will ensure that investors, both domestic and international, put their faces in our economy once again. And we are all doing this without a blame game.”

He added, “And I apologise for the pain that they may occasion, but they are necessary.

“So, not surprisingly, the exchange rate is not yet where we want it to be. Inflation is not yet where we want it to be.

“Is our strategy right? Absolutely. We believe our strategy is right, but it requires occasional calibration. Put good money to use.

“Nothing we do can solve the problem of underinvestment in various sectors of the economy, be it security, be it education, or be it social welfare, without restoring a macro-economy that can simulate investment in our economy, which will generate revenues for us to fix security.

“Our infrastructure is not catching up with our dreams. Our educational system and our health system are suffering from underinvestment, in addition to our other sectors, the creative economy, the digital economy, and the steel sector.”

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