Bagudu: UK, US Also Grappling with Cost of Living Crisis Amid Nigeria’s Economic Challenges

Minister urges Nigerians to stay hopeful, highlights Tinubu’s Renewed Hope Agenda during 64th Independence Anniversary prayer.

The Minister of Budget and National Planning, Senator Abubakar Atiku Bagudu, has urged Nigerians to celebrate the country’s 64th anniversary despite prevailing economic hardships, emphasizing that citizens in other countries, particularly the UK and US, are facing similar cost of living crises.

Speaking after the Special Jumaat prayer at the National Mosque in Abuja, held to commemorate Nigeria’s 64th Independence Anniversary, Bagudu appealed for patience with President Bola Tinubu’s administration, encouraging citizens to embrace his Renewed Hope Agenda. Notable attendees included President Tinubu, former Head of State Gen Abdulsalami Abubakar, and National Security Adviser Huhu Ribadu.

Bagudu noted that issues such as mortgage struggles and choices between feeding and other essentials are challenges being experienced in wealthy nations like the UK and US. He acknowledged that Nigeria’s population growth from 45 million in 1960 to about 230 million today has outpaced its economic development.

He stressed that Tinubu’s Renewed Hope Agenda draws from the President’s vast experience, aiming to steer the country toward embracing necessary but sometimes difficult choices for a more prosperous future. Bagudu also pointed to the positive outcomes of ongoing reforms, highlighting improvements in macroeconomic stability, increased revenues for states and local governments, and innovative programs supporting consumer credit, student loans, agriculture, technology training for youth, and initiatives focused on women and small-scale enterprises.

Bagudu concluded that these efforts are intended to help Nigeria become more competitive and respected on the global stage.