The President Bola Ahmed Tinubu’s led government has begged Nigerians over the difficulties being experienced in the country.
The Minister of Budget and Economic Planning, Atiku Bagudu, issued the apology on Wednesday in Abuja, during the Ministerial Sectoral Update, marking the one-year anniversary of President Tinubu in office.
Bagudu noted that the solution to restore macro-economic stability is to regain the confidence of domestic and international investors.
He affirmed that the administration’s strategy to stabilize the economy is correct, though it requires some adjustments.
Bagudu acknowledged that both foreign exchange rate and inflation figures were still above target levels, putting strain on the economy and the citizens’ pockets.
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He said: “I apologise for the pain that they may occasion, but they are necessary. So, not surprisingly, the exchange rate is not yet where we want it to be. Inflation is not yet where we want it to be.
“Is our strategy right? Absolutely. We believe our strategy is right, but it requires occasional calibration. Put good money to use.
“Nothing we do can solve the problem of underinvestment in various sectors of the economy, be it security, be it education, or be it social welfare, without restoring a macro-economy that can simulate investment in our economy, which will generate revenues for us to fix security.
“Our infrastructure is not catching up with our dreams. Our educational system and our health system are suffering from underinvestment, in addition to our other sectors, the creative economy, the digital economy, and the steel sector.”
