{"id":56811,"date":"2024-11-23T13:21:53","date_gmt":"2024-11-23T13:21:53","guid":{"rendered":"https:\/\/abujacityjournal.com\/livenews\/?p=56811"},"modified":"2024-11-23T13:21:53","modified_gmt":"2024-11-23T13:21:53","slug":"edun-explains-why-nigerians-groan-under-tinubus-economic-reforms","status":"publish","type":"post","link":"https:\/\/abujacityjournal.com\/livenews\/2024\/11\/23\/edun-explains-why-nigerians-groan-under-tinubus-economic-reforms\/","title":{"rendered":"Edun Explains Why Nigerians Groan Under Tinubu\u2019s Economic Reforms"},"content":{"rendered":"<p style=\"text-align: left;\"><strong>By Alexis Uchendu<\/strong><\/p>\n<p>Minister of Finance Wale Edun has attributed the economic hardship Nigerians face under President Bola Ahmed Tinubu\u2019s administration to the delayed implementation of critical reforms by previous governments.<\/p>\n<p>Speaking on Friday at the launch of the Federal Civil Service Policies and Guidelines on Rewards in Abuja, Edun acknowledged the pain caused by the reforms but emphasized their necessity and the long-term benefits.<\/p>\n<p>\u201cAfter 18 months of bold and necessary reforms that Mr. President has implemented, the country has changed.<\/p>\n<p>&#8220;Yes, the reforms were so long overdue that it caused pain, discomfort, and increased cost of living. But the successes and gains are coming through,\u201d Edun said.<\/p>\n<p>Among the key reforms are the removal of fuel subsidies and the floating of the naira, implemented since June 2023.<\/p>\n<p>These moves have led to sharp economic shifts: fuel prices have soared from \u20a6234 to over \u20a61,060 per litre, the naira has plummeted from \u20a6195 to \u20a61,652 per dollar, and inflation surged to 33.88%, with food inflation reaching 39.16% in October 2024, according to the National Bureau of Statistics.<\/p>\n<p>Edun, however, pointed to the benefits of market-driven foreign exchange rates, noting increased revenue for federal, state, and local governments.<\/p>\n<p>\u201cAn amount equivalent to 5% of GDP, which previously went to subsidies, is now available for the government to invest in other productive sectors,\u201d he noted.<\/p>\n<p>Despite the immediate challenges, the Minister expressed confidence in the reforms\u2019 ability to stabilize the economy and lay a foundation for sustainable growth.<\/p>\n<p>\u201cThese measures are not just essential but critical for Nigeria\u2019s long-term economic health,\u201d he concluded.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Alexis Uchendu Minister of Finance Wale Edun has attributed the economic hardship Nigerians face under President Bola Ahmed Tinubu\u2019s administration to the delayed implementation of critical reforms by previous governments. Speaking on Friday at the launch of the Federal Civil Service Policies and Guidelines on Rewards in Abuja, Edun acknowledged the pain caused by [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":56812,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172],"tags":[],"class_list":["post-56811","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/56811","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=56811"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/56811\/revisions"}],"predecessor-version":[{"id":56813,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/56811\/revisions\/56813"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/56812"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=56811"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=56811"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=56811"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}