Nigeria's Finance Minister, Wale Edun, shed light on the economic challenges currently facing Nigerians, attributing these difficulties to the absence of necessary reforms by previous administrations.
Speaking at the launch of the 'Federal Civil Service Policies and Guidelines on Rewards' in Abuja, Edun emphasized that President Bola Ahmed Tinubu's bold reforms, including the removal of fuel subsidies and the floating of the Naira, were essential despite their painful impact.
Edun explained, "The non-implementation of economic reforms by past administrations is the reason Nigerians are in pain, discomfort, and difficulties under President Tinubu’s reforms."
These measures have led to a significant increase in fuel prices, which surged from N234 to over N1060 per litre, and a devaluation of the Naira, which jumped from N195 to N1652 per dollar. This has resulted in widespread economic hardship and a higher cost of living for many Nigerians.
Despite these challenges, Edun argued that the reforms were long overdue and necessary for the country's economic health. He noted, "After 18 months of bold and necessary reforms that Mr. President has implemented, the country has changed the successes and the gains are coming through."
The market-based pricing of foreign exchange, he highlighted, has already provided immediate benefits to federal, state, and local government revenues.
However, the National Bureau of Statistics reported that headline and food inflation figures rose to 33.88 percent and 39.16 percent, respectively, further weakening the purchasing power of Nigerians.
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