{"id":134034,"date":"2024-10-12T22:37:10","date_gmt":"2024-10-12T21:37:10","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/tuggar-urges-patience-among-nigerians-assures-tinubus-reforms-will-ease-economic-hardship"},"modified":"2024-10-12T23:41:18","modified_gmt":"2024-10-12T22:41:18","slug":"tuggar-urges-patience-among-nigerians-assures-tinubus-reforms-will-ease-economic-hardship","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/policy\/tuggar-urges-patience-among-nigerians-assures-tinubus-reforms-will-ease-economic-hardship","title":{"rendered":"Tuggar urges patience among Nigerians, assures Tinubu\u2019s reforms will ease economic hardship"},"content":{"rendered":"

Africa-Press – Nigeria. <\/strong><\/span>The Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggar, has assured Nigerians that President Bola Ahmed Tinubu\u2019s economic reforms are designed to alleviate the nation\u2019s economic hardship.<\/p>\n

Speaking at a press briefing at his Tuggar Foundation office in Bauchi on Saturday, the Minister of Foreign Affairs called on the public to remain patient with the ruling All Progressives Congress-led administration.<\/p>\n

He noted that the current economic challenges facing Nigeria are part of a global phenomenon, adding that similar difficulties are being experienced worldwide.<\/p>\n

Maitama Tuggar attributed Nigeria\u2019s economic struggles to previous policies and external factors inherited by the Tinubu administration.<\/p>\n

He linked the challenges to the 2008 global financial crisis and subsequent events, including the COVID-19 pandemic, which disrupted trade, movement, and livelihoods on a global scale.<\/p>\n

\u201cThe coronavirus pandemic closed borders, halted the movement of goods and services, and claimed many lives, which has had a lasting impact on the cost of living worldwide, including in Nigeria,\u201d he explained.<\/p>\n

The Minister further pointed to disruptions in Nigeria\u2019s economy due to insufficient investment in expanding refinery capacities to meet the growing demand for petrol.<\/p>\n

He discussed the nation\u2019s reliance on petrol imports, noting that despite having four refineries, Nigeria has not upgraded their capacities to match the needs of its over 220 million citizens.<\/p>\n

He added that Nigeria\u2019s decision to import more petrol coincided with rising global prices, which compounded the country\u2019s economic challenges.<\/p>\n

Tuggar also addressed the challenges related to the exchange rate, which he said has been affected by subsidy policies that relied on consumption over production.<\/p>\n

He explained that under the previous system, Nigeria incurred significant financial losses as it relied on hard currency to subsidize petroleum imports.<\/p>\n

In light of these issues, Tuggar commended President Tinubu\u2019s macroeconomic reforms, introduced in May 2023, which aim to eliminate subsidies on petrol imports and reform the exchange rate system to prevent arbitrary practices.<\/p>\n

The Minister noted that the reforms are essential for stabilizing the economy and alleviating the current hardships.<\/p>\n

He also expressed concern about cryptocurrency trading, revealing that some traders were using cryptocurrencies for money laundering and to evade regulations which has led the administration to take action, arresting individuals involved in such activities.<\/p>\n

For More News And Analysis About Nigeria Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. The Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggar, has assured Nigerians that President Bola Ahmed Tinubu\u2019s economic reforms are designed to alleviate the nation\u2019s economic hardship. Speaking at a press briefing at his Tuggar Foundation office in Bauchi on Saturday, the Minister of Foreign Affairs called on the public to remain […]<\/p>\n","protected":false},"author":84,"featured_media":134033,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,14],"tags":[254,945,12520],"class_list":["post-134034","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-nigeria","tag-tinubu","tag-tuggar"],"yoast_head":"\nTuggar urges patience among Nigerians, assures Tinubu\u2019s reforms will ease economic hardship - Nigeria<\/title>\n<meta name=\"description\" content=\"The Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggar, has assured Nigerians that President Bola Ahmed Tinubu ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/policy\/tuggar-urges-patience-among-nigerians-assures-tinubus-reforms-will-ease-economic-hardship\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tuggar urges patience among Nigerians, assures Tinubu\u2019s reforms will ease economic hardship\" \/>\n<meta property=\"og:description\" content=\"The Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggar, has assured Nigerians that President Bola Ahmed Tinubu ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/policy\/tuggar-urges-patience-among-nigerians-assures-tinubus-reforms-will-ease-economic-hardship\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-12T21:37:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-12T22:41:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/10\/sm_1728760243.924184.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1424\" \/>\n\t<meta property=\"og:image:height\" content=\"802\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/tuggar-urges-patience-among-nigerians-assures-tinubus-reforms-will-ease-economic-hardship#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/tuggar-urges-patience-among-nigerians-assures-tinubus-reforms-will-ease-economic-hardship\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Tuggar urges patience among Nigerians, assures Tinubu\u2019s reforms will ease economic hardship\",\"datePublished\":\"2024-10-12T21:37:10+00:00\",\"dateModified\":\"2024-10-12T22:41:18+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/tuggar-urges-patience-among-nigerians-assures-tinubus-reforms-will-ease-economic-hardship\"},\"wordCount\":396,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/tuggar-urges-patience-among-nigerians-assures-tinubus-reforms-will-ease-economic-hardship#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/10\/sm_1728760243.924184.jpg\",\"keywords\":[\"Nigeria\",\"Tinubu\",\"Tuggar\"],\"articleSection\":[\"all news\",\"Policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/policy\/tuggar-urges-patience-among-nigerians-assures-tinubus-reforms-will-ease-economic-hardship#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/tuggar-urges-patience-among-nigerians-assures-tinubus-reforms-will-ease-economic-hardship\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/tuggar-urges-patience-among-nigerians-assures-tinubus-reforms-will-ease-economic-hardship\",\"name\":\"Tuggar urges patience among Nigerians, assures Tinubu\u2019s reforms will ease economic hardship - 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