The Minister of Budget and National Planning, Atiku Bagudu, has urged Nigerian families to engage in open discussions about managing their resources wisely, warning them to focus on prioritizing essential needs.
Bagudu emphasized that Nigeria is not as wealthy as many may think and called for greater financial prudence both at the national and household levels.
He made these comments on Wednesday in Abuja, after a meeting between Federal Government officials and representatives from the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC).
The meeting follows rising economic challenges, aggravated by soaring energy and food prices.
“The Bola Tinubu administration has made bold choices that, while challenging, are necessary for long-term growth,” Bagudu said.
He defended the government’s policies, noting that state and local governments are now better funded and that reforms are already yielding positive results in terms of investment.
“Tough decisions might come with some challenges, but we are dealing with them. Most of the measures taken have begun to yield a greater level of investment.
“We believe we have stopped the decline. We are not where we want to be yet, but let us confront our realities. We must tell ourselves that we are not as rich as we thought we were,” he stated.
Bagudu emphasized the importance of collective action at both the family and national levels to effectively mobilize resources in response to the country’s economic challenges.
Nigerians are facing one of the worst economic crises in decades, with inflation soaring due to the sharp rise in energy and food prices.
Critics have attributed much of the economic instability to Bola Tinubu’s policies, particularly the removal of the petrol subsidy and the unification of foreign exchange rates.
Many argue that these policies have fueled unbearable inflation and caused an unprecedented spike in the cost of living.
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