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Tinubu’s policy saved Nigerian economy from collapsing – Edun

President Bola Tinubu’s economic policies are the lifesavers for a Nigeria economy that almost collapsed, says minister of finance and coordinating minister of economy, Wale Edun.

Edun appeared before the House of Representatives to answer questions on the government’s handling of the economy.

Edun revealed this on Tuesday, February 6, when he appeared before the House of Representatives to discuss the status of the economy.

He said: “Where we are as a nation economically is a much better place than we were on the 29th of May, 2023.

“We have heard from the governor of the CBN. He has talked about the importance of sustainability.

“Before the implementation of the 8-point agenda of the President began, we were in an unsustainable place in terms of the fiscal situation of Nigeria.

“We were on the road to economic disaster.”

Edun told the lawmakers that the past managers of the economy were prodigal, given the country’s expenditures at the time.

He said: “We had expenditure which was wasteful and unsustainable by way of the subsidy not just on fuel but the subsidy on foreign exchange which confused the incentive framework and people were chasing cheap dollars in other to make an instant profit.”

TheCornet reports that economic hardship is biting hard at most Nigerians, as inflation continues to drive up commodity prices, transportation cost and general cost of living.

The country’s devalued currency, the naira, has continued to cascade behind the United States dollar.

The government promised its policies are working and that the Nigerians would soon overcome the challenges.

On Monday, protests broke out in Minna, Niger State and in Kano as citizens lament their ordeals.

The opposition have asked President Tinubu to give up the office, if he is unable to turn the economy around.

Abubakar Atiku, the Peoples Democratic Party’s candidate who lost the presidential election to Tinubu, said the president’s “renewed hope” agenda had conversely become renewed despair for Nigerians.

In its rispote, the presidency lampooned Atiku while assuring the country’s economy recovery plan was on course.

 

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