Minister of Budget and Economic Planning, Senator Abubakar Bagudu, addressed the ongoing protests against the current administration’s policies, emphasizing the necessity of certain economic measures to steer Nigeria towards stability and growth. Speaking during the 2024 African Caucus Meeting of Finance Ministers and Central Bank Governors in Abuja, Bagudu responded to criticisms that recent protests were fueled by unpopular government decisions.
Bagudu reiterated that President Bola Tinubu is aware of the concerns expressed by Nigerians and assured that the administration’s policies, though facing criticism, are designed with the nation’s long-term benefits in mind. He emphasized that the reforms require patience and time to produce tangible results, stating, “Some sacrifices are necessary, but like I repeatedly said, yes, even at that, you have to listen to your constituents.”
Highlighting the challenges inherited by President Tinubu, Bagudu noted that the administration is committed to implementing bold reforms aimed at sustainable economic development. He acknowledged that these measures come with short-term costs but are essential for a better future.
Bagudu praised President Tinubu for his courage in initiating necessary but challenging reforms. He stated, “The government took measures that it believed will yield a greater tomorrow but sometimes those measures come with costs, short-term costs and understandably some segments of society feel that maybe we should have done things differently or it has taken too long.”
The minister underscored the importance of patience and understanding, drawing on historical underinvestment in critical sectors such as security, infrastructure, and human capital. He emphasized that addressing these longstanding issues requires significant resources and time.
Bagudu also pointed out the administration’s efforts to replicate successful models from other contexts, including Tinubu’s achievements in Lagos. He acknowledged that the path to reform is often difficult but expressed gratitude to Nigerians for voicing their opinions, reinforcing that the current economic challenges are not unique to Nigeria but prevalent across Africa.
Regarding the demands of the protesters, Bagudu noted that there had been extensive engagement between federal and state governments to align policy directions. He highlighted several initiatives introduced to mitigate economic hardships, such as the creation of a mortgage fund, consumer credit systems, and the National Agricultural Development Fund.
Responding to whether the government would yield to some of the protesters’ demands, Bagudu likened responsible leadership to that of a household head making difficult decisions for the greater good. He stated, “Even for a politician to take actions that he’s not going to receive ovation, that tells you the kind of leader that person is.”
Bagudu concluded by stressing the importance of democratic engagement, encouraging citizens to participate in the budget-making process and share their perspectives on governance. He reiterated the administration’s commitment to listening to and addressing the concerns of Nigerians while pursuing policies aimed at long-term prosperity.