The Federal Government has apologized to Nigerians for the impact of its economic policies, acknowledging that while they have caused hardship, they are necessary for the country’s growth and development. Minister of Budget and Economic Planning, Atiku Bagudu, made this statement at a press conference marking President Tinubu’s one year in office.
Bagudu explained that the administration’s “Renewed Hope Agenda” prioritizes macroeconomic reforms to address challenges in sectors like security, education, and social welfare. He noted that underinvestment in physical infrastructure and security has hindered progress, and that the government is working to create an environment conducive to investment and growth.
The minister highlighted food security challenges, emphasizing the need for increased investment in agriculture, and noted that the livestock sector has not received the attention it deserves. He also stressed the importance of investing in infrastructure, education, and health systems to support the country’s aspirations.
Bagudu acknowledged that the policies have caused pain, but said they are necessary for the country’s growth. He cited measures like the reduction in government travels, the transition to CNG, and the introduction of initiatives to solve legacy problems as examples of the government’s commitment to reform.
The government has also implemented programs to support vulnerable populations, including a N500 billion intervention fund, and has increased capital expenditure in the 2024 budget. Bagudu emphasized that the government is working to restore budget discipline and reduce fiscal deficits.
In conclusion, the minister apologized for the hardship caused by the policies, but emphasized that they are necessary for the country’s growth and development. He expressed optimism that the reforms will yield positive results and improve the lives of Nigerians.