Protests: Economic Sacrifices Needed To Rescue Economy, Says Bagudu
Senator Abubakar Bagudu, Minister of Budget and Economic Planning, emphasized the necessity of certain policy interventions to steer the economy onto a better path, despite potential criticism. Bagudu addressed the concerns in response to accusations that ongoing nationwide protests against “bad governance” are due to unpopular policies by the current administration. He Insists Tinubu Remains a Listening President, Blames Hardship on Past Policy Failures.
Speaking with journalists at the 2024 African Caucus Meeting of Finance Ministers and Central Bank Governors in Abuja, themed “Facilitating Intra-African Trade: Catalyst for Sustainable Economic Growth in Africa,” Bagudu reassured that President Bola Tinubu is attentive to Nigerians’ concerns.
Although Bagudu did not specify whether the government would meet the protesters’ demands, he affirmed the administration’s intentions to benefit Nigerians. He acknowledged that the challenges Tinubu inherited require time for the ongoing interventions to have an impact, urging patience from the public.
“Some sacrifices are necessary, but like I repeatedly said, yes, even at that, you have to listen to your constituents,” Bagudu stated.
He commended Tinubu for initiating bold reforms that will positively affect Nigerians’ lives, highlighting the president’s commitment to listening to citizens’ concerns. “Let’s appreciate that we, as a people, chose democracy, constitutional democracy, and one of the hallmarks of democracy is the right of people to express different opinions, and certainly, we have seen that on display,” Bagudu said.
Bagudu explained that the government took measures believed to ensure a better future, acknowledging that these measures come with short-term costs, leading to some societal segments expressing dissatisfaction. He emphasized that the diversity of opinions reflects Nigeria’s mature democracy.
“Some say reverse the policies. Some say what we have done, we haven’t seen the gains as quickly as we thought we could,” Bagudu observed. He recalled Bishop Matthew Kuka’s remark during a State House interview, noting that “one year is too short to assess an administration.”
Bagudu addressed the challenges Tinubu faces, highlighting underinvestment in national infrastructure and services like security, education, and health. He praised Tinubu’s resolve to replicate his success in Lagos and apply global experiences to transform Nigeria.
“The pathway is occasionally laden with thorns, and we are experiencing that. But we are grateful to Nigerians for expressing their views,” Bagudu stated, pointing out that the economic challenges are not unique to Nigeria and resonate with issues faced across Africa.
The minister discussed various programs introduced to ease economic hardships, such as mortgage funds, consumer credit systems, and the National Agricultural Development Fund. He mentioned innovative initiatives like student loans and financing schemes designed to catalyze development.
Addressing whether the government would yield to some protesters’ demands, Bagudu likened leadership to parenting, sometimes requiring unpopular decisions for the greater good. “Even for a politician to take actions that he’s not going to receive ovation for, that tells you the kind of leader that person is,” Bagudu concluded.
