Economic Hardship: There is Light at the End of the Tunnel – FG Tells Nigerians

The Federal Government has reassured Nigerians of brighter days ahead as it continues to execute policies aimed at addressing the country’s economic challenges. 

Recall that since assumption of office, President Bola Ahmed Tinubu has introduced major reforms geared towards reviving the economy and attracting foreign investments.

However, these reforms, including bringing an end to the payment of fuel subsidy and the floatation of the naira, have resulted in rising fuel prices and the highest inflation rates in three decades.

Addressing journalists during the 30th Nigerian Economic Summit held in Abuja, Minister of Budget and Economic Planning, Atiku Bagudu, noted that the current economic challenges are temporary adding that; “There is indeed light at the end of the tunnel.

“These governance and institutional reforms have helped to improve our macro-economic performance,” Bagudu noted. “Our GDP grew from 2.98% in Q1 2024 to 3.19% in Q2 2024, inflation is trending downwards, and our external reserves are improving.”

The minister further explained that Nigeria’s external trade balance improved slightly in Q2 2024, indicating the effectiveness of the administration’s economic reforms.

While acknowledging the difficulties citizens are facing Bagudu expressed confidence that the economy is on the right path.

He highlighted the importance of bold and collaborative efforts to address decades of under-investment. “We need more to ensure we deliver a collaborative, competitive, and stable environment. He stated.

With the summit’s theme, “Collaborative Action for Growth, Competitiveness, and Stability,” Bagudu stressed the government’s commitment to improving the lives of all Nigerians, in line with the administration’s renewed hope agenda.