Finance Minister, Wale Edun, has attributed the current economic hardships faced by Nigerians under President Bola Tinubu’s reforms to the failure of previous administrations to implement critical economic policies.
Speaking on Friday in Abuja at the launch of the Federal Civil Service Policies and Guidelines on Rewards, Edun highlighted the challenges stemming from recent reforms, including the removal of fuel subsidies and the floating of the Naira in June 2024.
These policies caused fuel prices to soar from ₦234 to over ₦1,060 per litre and the Naira to devalue from ₦195 to ₦1,652 per dollar.
He acknowledged the resulting difficulties but emphasized that the reforms were long overdue.
Edun stated: “After 18 months of bold and necessary reforms that Mr. President has implemented, the country has changed.
“Yes, the reforms were so long overdue that they caused an element of pain, discomfort, difficulty, and increased cost of living. But the successes and the gains are coming through.”
He pointed to the positive impacts of market-based pricing for foreign exchange, which has boosted federal, state, and local government revenues by saving approximately 5% of GDP previously spent on subsidies.
