The Federal Government has urged Nigerians to be careful with how they spend their money, saying the country is not as wealthy as many believe.
The warning came from the Minister of Budget and National Planning, Atiku Bagudu.
He asked Nigerian families to talk about how to manage their money better.
Bagudu said people should focus on spending on their most important needs.
He made these comments during a meeting in Abuja with officials from the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC).
This meeting followed several protests by Nigerians over the rising cost of living.
People are finding it hard to pay for basic things like food and petrol due to the high prices.
Bagudu said President Bola Tinubu’s government has made tough choices to improve the economy.
He noted that these decisions are painful but necessary for the future.
“The Bola Tinubu administration has made bold choices that, while challenging, are necessary for long-term growth,” Bagudu said.
He also mentioned that local and state governments now have more money, thanks to some of the changes the government has made.
According to him, Nigeria’s economy is beginning to improve slowly.
“Tough decisions might come with some challenges, but we are dealing with them. Most of the measures taken have begun to yield a greater level of investment,” Bagudu added.
He stressed that Nigerians need to face the reality that the country is not as rich as many people think.
He said everyone, including families and the government, must act together to manage resources effectively.
Bagudu’s comments reflect the broader economic difficulties Nigeria is going through right now.
Inflation is at a high level, and the cost of living has surged, making life difficult for many Nigerians.
Experts have pointed to two key decisions made by President Bola Tinubu as reasons for this.
The removal of the petrol subsidy and the unification of foreign exchange rates are believed to have caused the sharp rise in prices.
Many people feel that these changes have worsened inflation, making daily living unaffordable.
Families across the country are feeling the pressure as prices for food, transport, and other necessities keep rising.
At the meeting, Bagudu tried to explain that the government is aware of the hardship but insisted that the policies were needed to move the country forward.
“We believe we have stopped the decline. We are not where we want to be yet, but let us confront our realities. We must tell ourselves that we are not as rich as we thought we were,” Bagudu said.
He urged families to have honest discussions about how to spend their money and to focus on essential needs.
He also called on everyone to come together to help Nigeria overcome its economic problems.
“We must face the reality of our situation and act responsibly,” Bagudu added.
Critics, however, continue to argue that the government’s policies have placed an unfair burden on ordinary Nigerians.
Many feel that the removal of the petrol subsidy, in particular, has made life unbearable for the poorest people.
The petrol subsidy had kept the price of fuel lower for many years, but its removal has caused fuel prices to skyrocket.
This has had a ripple effect, driving up the cost of transport and other goods.
Despite these concerns, the Federal Government insists that the changes are necessary for long-term stability.
Bagudu called for patience, saying that the government’s decisions will pay off in the future.
