WHY NIGERIANS ARE IN PAIN, DIFFICULTIES AMID TINUBU’S REFORMS – EDUN
Read Time:1 Minute, 25 Second
Wale Edun, Nigeria’s minister of finance, has stated that the reason Nigerians are suffering under President Bola Ahmed Tinubu’s reforms is because previous administrations failed to undertake economic reforms.
This was stated by Edun during the unveiling of the “Federal Civil Service Policies and Guidelines on Rewards” on Friday in Abuja.
This comes as the withdrawal of gasoline subsidies and the flotation of the Naira in June of last year have left Nigerians struggling financially.
Fuel prices rose from N234 to over N1060 per liter as a result of the measures, while the value of the Naira increased from N195 to N1652 per dollar.
However, Edun emphasized that one of the reasons the current reforms were difficult was because the previous governments had not implemented the reforms.
He asserts that the wins and gains are materializing despite the pains, discomforts, and challenges that Nigerians have faced as a result of the policies.
“After 18 months of bold and necessary reforms that Mr. President has implemented, the country has changed, and yes, the reforms were so long overdue that it caused an element of pain, discomfort, difficulty, and increased cost of living. But the successes and the gains are coming through.
“Market-based pricing of foreign exchange was fully in place. The result was immediate benefit to the federal coffers, to the state coffers, and to the local government coffers because an amount of 5 percent of GDP is what goes to subsidies,” he said.
In the meantime, the headline and food inflation rates for October 2024 increased to 33.88 and 39.16 percent, respectively, according to the National Bureau of Statistics. Many Nigerians now have less purchasing power as a result of this.
Happy
0 %
Sad
0 %
Excited
0 %
Sleepy
0 %
Angry
0 %
Surprise
0 %
0
0