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Lasaco Assurance Plc has launched a children’s education plan, designed to ensure the continuation of their education in case of financial setbacks or the loss of a parent/guardian. In a statement made available to our correspondent, it was disclosed that the plan ensured continuity in education and provided peace of mind to sponsors through a
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The Nassarawa State Governor, Abdullahi Sule, has stated that it is ready to pay the new N70,000 minimum wage to…
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
Tuggar urges patience among Nigerians, assures Tinubu’s reforms will ease economic hardship
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.
He added that Nigeria’s decision to import more petrol coincided with rising global prices, which compounded the country’s economic challenges.
Tuggar also addressed the challenges related to the exchange rate, which he said has been affected by subsidy policies that relied on consumption over production.
He explained that under the previous system, Nigeria incurred significant financial losses as it relied on hard currency to subsidize petroleum imports.
In light of these issues, Tuggar commended President Tinubu’s macroeconomic reforms, introduced in May 2023, which aim to eliminate subsidies on petrol imports and reform the exchange rate system to prevent arbitrary practices.
The Minister noted that the reforms are essential for stabilizing the economy and alleviating the current hardships.
He also expressed concern about cryptocurrency trading, revealing that some traders were using cryptocurrencies for money laundering and to evade regulations which has led the administration to take action, arresting individuals involved in such activities.
Tuggar urges patience among Nigerians, assures Tinubu’s reforms will ease economic hardship
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