The Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggar, has assured Nigerians that President Bola Ahmed Tinubu’s economic reforms are designed to alleviate the nation’s economic hardship.
Speaking at a press briefing at his Tuggar Foundation office in Bauchi on Saturday, the Minister of Foreign Affairs called on the public to remain patient with the ruling All Progressives Congress-led administration.
He noted that the current economic challenges facing Nigeria are part of a global phenomenon, adding that similar difficulties are being experienced worldwide.
Maitama Tuggar attributed Nigeria’s economic struggles to previous policies and external factors inherited by the Tinubu administration.
He linked the challenges to the 2008 global financial crisis and subsequent events, including the COVID-19 pandemic, which disrupted trade, movement, and livelihoods on a global scale.
“The coronavirus pandemic closed borders, halted the movement of goods and services, and claimed many lives, which has had a lasting impact on the cost of living worldwide, including in Nigeria,” he explained.
The Minister further pointed to disruptions in Nigeria’s economy due to insufficient investment in expanding refinery capacities to meet the growing demand for petrol.
He discussed the nation’s reliance on petrol imports, noting that despite having four refineries, Nigeria has not upgraded their capacities to match the needs of its over 220 million citizens
