The Minister of Foreign Affairs, Ambassador Yusuf Maitama
Tuggar, has assured Nigerians that President Bola Ahmed Tinubu’s economic
reforms are designed to alleviate the nation’s economic hardship.
Speaking at a press briefing at his Tuggar Foundation office
in Bauchi on Saturday, the Minister of Foreign Affairs called on the public to
remain patient with the ruling All Progressives Congress-led administration.
He noted that the current economic challenges facing Nigeria
are part of a global phenomenon, adding that similar difficulties are being
experienced worldwide.
Maitama Tuggar attributed Nigeria’s economic struggles to
previous policies and external factors inherited by the Tinubu administration.
He linked the challenges to the 2008 global financial crisis
and subsequent events, including the COVID-19 pandemic, which disrupted trade,
movement, and livelihoods on a global scale.
“The coronavirus pandemic closed borders, halted the
movement of goods and services, and claimed many lives, which has had a lasting
impact on the cost of living worldwide, including in Nigeria,” he explained.
The Minister further pointed to disruptions in Nigeria’s
economy due to insufficient investment in expanding refinery capacities to meet
the growing demand for petrol.
He discussed the nation’s reliance on petrol imports, noting
that despite having four refineries, Nigeria has not upgraded their capacities
to match the needs of its over 220 million citizens.
He added that Nigeria’s decision to import more petrol
coincided with rising global prices, which compounded the country’s economic
challenges.
Tuggar also addressed the challenges related to the exchange
rate, which he said has been affected by subsidy policies that relied on
consumption over production.
He explained that under the previous system, Nigeria
incurred significant financial losses as it relied on hard currency to
subsidize petroleum imports.
In light of these issues, Tuggar commended President
Tinubu’s macroeconomic reforms, introduced in May 2023, which aim to eliminate
subsidies on petrol imports and reform the exchange rate system to prevent
arbitrary practices.
The Minister noted that the reforms are essential for
stabilizing the economy and alleviating the current hardships.
He also expressed concern about cryptocurrency trading,
revealing that some traders were using cryptocurrencies for money laundering
and to evade regulations which has led the administration to take action,
arresting individuals involved in such activities.
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