Edun explains why Nigerians face economic difficulties amid Tinubu’s reforms, urging patience for positive outcomes.
Minister of Finance Wale Edun has attributed the current economic hardships faced by Nigerians to the failure of previous administrations to implement necessary reforms, which have exacerbated the challenges under President Bola Ahmed Tinubu’s initiatives.
Speaking at the launch of the ‘Federal Civil Service Policies and Guidelines on Rewards’ in Abuja, Edun highlighted that the removal of fuel subsidies and the floating of the Naira last June have significantly impacted the economy, with fuel prices soaring from N234 to over N1060 per litre and the Naira depreciating from N195 to N1652 per dollar.
He emphasized that while the ongoing reforms have led to pain and increased living costs, they are essential for long-term benefits, noting that the market-based pricing of foreign exchange has already yielded positive results for government revenues.
Additionally, the National Bureau of Statistics reported a rise in headline and food inflation to 33.88 percent and 39.16 percent, respectively, further diminishing the purchasing power of many Nigerians.
Peoplesmind
