The Federal Government has acknowledged that the recent wave of protests by aggrieved Nigerians demanding an end to bad governance has compelled its officials to be more attentive and proactive in addressing the nation’s challenges….CLICK HERE TO CONTINUE READING>>

Minister of Budget and Economic Planning, Senator Atiku Bagudu, stated during his address at the National Economic Dialogue 2024 organized by the Nigerian Economic Summit Group (NESG) in Abuja on Wednesday.

Bagudu’s remarks come on the heels of widespread protests from August 1- 10 in response to the economic hardships faced by Nigerians.

The protests were sparked by rising costs of living exacerbated by the removal of fuel subsidies, surging inflation—now at a 28-year high—and the naira plunging to a record low against the dollar.

Addressing the impact of these protests, Bagudu stated. “We have learned, and even the recent protests have made us listen more. Whatever we are doing, we have taken the message that we need to do more, we need to do better, and we need to do it in a hurry.”

The Minister noted that this pivotal moment, indicates that the government is not only aware of public discontent but is also committed to responding with positive action.

Bagudu noted the deep-seated issues contributing to Nigeria’s current economic challenges. He pointed out that the nation’s stunted growth is the result of cumulative underinvestment over the years.

The Minister stressed that despite efforts by previous administrations, the country has not achieved the level of economic prosperity it aspires to, particularly in terms of income per capita.

“President Bola Ahmed Tinubu has been very reluctant to reflect on the past and blame anybody, but the net effect is that despite efforts by previous administrations, especially in the last 25 years, we are not where we want to be,” Bagudu said.

He further elaborated on the disconnect between the country’s population growth and its oil production, noting that while Nigeria’s population has nearly doubled since 1999, oil production has declined significantly due to years of underinvestment in the sector.

He emphasised that the current administration is determined to correct these past mistakes and set Nigeria on a path to prosperity over the next 25 years.

However, he stressed that achieving this goal will require substantial public and private investments.

“We want to ensure that we invest not less than $100 billion annually. But if our experience in the last 25 years should serve us as a guide, we sometimes know how difficult it is because you have to make choices that are both pleasant and unpleasant to be able to mobilize capital, private and borrowed capital, to support our aspiration,” he explained….CLICK HERE TO CONTINUE READING>>

Bagudu also called for a minimum level of cooperation between the government and the private sector, which he believes is crucial for effective planning and achieving better results.

He acknowledged the long-standing issue of fuel subsidies, which he described as a burden that has “harmed” the nation’s economy. According to the minister, the removal of fuel subsidies, although painful, is a necessary step towards fiscal responsibility and economic truthfulness.

“We have been living a lie,” Bagudu stated. “As unpleasant as it is, President Bola Ahmed Tinubu said let’s begin to tell ourselves the truth that we are not as rich as we think we are. It’s not a shame. Countries that have done that thinking and established that truth much earlier than us have made choices that have taken them where they want to be.”

Echoing the Minister’s sentiments, the Chief of Staff to the President, Femi Gbajabiamila, acknowledged the array of socio-economic challenges that threaten the very existence of Nigeria’s national union.

He emphasised the need for strengthened collaboration between the government and the people to tackle these challenges and answer the “unsettled questions” of the nation’s future.

“This dialogue at this time in our nation’s history provides us with an opportunity to collectively proffer answers to critical questions that will determine the survival of our national union and define the conditions of that union,” Gbajabiamila said.

He underscored that the decisions made now on how to manage the economy, govern the country, and address citizen differences will shape the future Nigeria that current and future generations will inherit.

Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, also addressed the gathering, reiterating the importance of staying on the path of economic growth and stability.

He noted that despite 25 years of democracy, Nigeria is still striving to achieve its economic goals, and this requires continuous effort and resilience.

“Democracy may not be the only form in which to organize a society, but I think all of us agree that it is the best,” Edun remarked.

He highlighted the government’s efforts to reduce inflation, particularly food inflation, as part of its immediate-term goals. “More availability of food at affordable prices is the goal of the administration in the immediate term,” he added.