Buyers check some clothes while shopping at a stall in the Balogun Market in Lagos on December 18, 2023. Christmas and year-end celebrations are marred by the economic crisis and soaring prices in Nigeria.(Photo by Benson Ibeabuchi / AFP)
The Minister of Finance and Co-ordinating Minister of the Economy, Wale Edun believes the country is on the path to recovery, saying Nigeria was heading to economic disaster before President Bola Tinubu came to power in May.
Edun disclosed this on Tuesday during his appearance before the House of Representatives to speak on the state of the economy.
“Where we are as a nation economically is a much better place than we were on the 29th of May, 2023. We have heard from the governor of the CBN. He has talked about the importance of sustainability,” he told the lawmakers in Abuja.
“Before the implementation of the 8-point agenda of the President began, we were in an unsustainable place in terms of the fiscal situation of Nigeria. We were on the road to economic disaster.”
The coordinating minister of the economy also noted that the country’s expenditure before the current administration was wasteful and unsustainable.
“We had expenditure which was wasteful and unsustainable by way of the subsidy not just on fuel but the subsidy on foreign exchange which confused the incentive framework and people were chasing cheap dollars in other to make an instant profit,” he said.
Tinubu under his ‘Renewed Hope’ agenda took over power from former president Muhammadu Buhari on May 29, 2023. During his campaign under the All Progressives Congress (APC), President Tinubu promised that he would hit the ground running and work day and night to make Nigeria better.
The series of reforms since then, including the removal of much-debated fuel subsidy, has led to a hike in inflation and the cost of living.But while acknowledging the hardship in the country, Edun reassured Nigerians of the President’s commitment to making life easier for all.
“Likewise, there have been other benefits which have accrued as a result of the changes that have been made. However, inflation has increased, the cost of living has spiked, and right from the onset, Mr president is committed to making sure that the poorest and the most vulnerable are not left behind. The palliatives, the interventions have been rolled out.”
