The Federal Government has tendered an apology to Nigerians over the pains and sufferings being experienced as a result of the reforms and policies of the President Bola Tinubu-led administration.

The apology came on behalf of the federal government from Minister of Budget and Economic Planning, Atiku Bagudu, at a Ministerial Sectoral Update in Abuja held in Abuja on Wednesday.

In a speech at the event, Bagudu said the temporary economic pains Nigerians were going through were as a result of the ‘bold reforms’ embarked upon by the Tinubu administration, and that they would soon go away and in the long run, the country would be better off.

The Minister who however defended the policies of the Tinubu-led administration, acknowledged that both foreign exchange rate and inflation figures were still above target levels, putting strain on the economy and the citizens’ pockets.

“I apologise for the pains that they (policies) may occasion, but they are necessary,” he said.

He noted that the naira had plummeted from around N460 to a dollar to a staggering N1,480 while inflation skyrocketed to 33.69 percent as of April 2024, up from 22.22 percent a year prior, but insisted this was temporary as well

The Minister insisted that despite the economic crisis, the Tinubu administration’s “Renewed Hope Agenda” centered around eight priority areas was on the right track to spur growth in the economy.

“Is our strategy right? Absolutely. We believe our strategy is right, but it requires occasional calibration,” Bagudu assured.

He added that restoring macroeconomic stability was crucial to attract investment and generate revenues to address underinvestment in sectors such as security, education and social welfare.

“Nothing we do can solve the problem of underinvestment without restoring a macro-economy that can stimulate investment.

“This Ministerial briefing hosted by the Ministry of Information and National Orientation has offered me another opportunity to explain to Nigerians the essence of the economic reforms of the President @officialABAT administration.
“While admitting the attendant short-term discomfort, I assured Nigerians of the long-term benefits, which were already emerging

Affirming the correctness of the administration’s strategy for repositioning the economy for growth and development, I made it clear that the nation was on the upward trajectory as attested to by international rating agencies and growing foreign and domestic investors’ confidence in our economy,” Bagudu asserted.