The minister of Budget and Economic Planning, Senator Atiku Bagudu, said the recent protests in some parts of the country against economic hardship will spur government officials to be more attentive and proactive in addressing the nation’s challenges. Bagudu, made the statement at the 2024 edition of National Economic Dialogue organised by the Nigerian Economic Summit Group (NESG) in Abuja. He described the August 1 – 10 protests a wake-up call for the Federal Government.
Addressing the impact of the protests, the minister said: “We have learned; and even the recent protests have made us to 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.
Bagudu argued that the President Bola Ahmed Tinubu-led administration is not insensitive to public feelings and promised a renewed commitment to responding with positive actions. He also noted the deep-seated issues contributing to Nigeria’s current economic challenges, the minister pointed out that the nation’s stunted growth is the result of cumulative underinvestment over the years.
He said: “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 emphasized that the current administration is determined to correct these past mistakes and set Nigeria on a path to prosperity over the next 25 years. 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.
He acknowledged the long-standing issue of fuel subsidies, which he described as a burden that has “harmed” the 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 in lies, Bagudu stated, adding: “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.”
