Nigerians Facing Tough Economic Times – Senate President

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Abuja, Nigeria – Mediaage NG News – Senate President, Godswill Obot Akpabío on Thursday, in an interactive session on the 2024-2026 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) in Abuja, admitted the tough economic conditions faced by Nigerians.

However, he expressed hope that the 2024-2016 MTEF would be a soothing measure.

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Akpabio said the 2024-2026 MTEF/FSP came at a time when events at the global scene and locally are putting massive negative financial and socioeconomic pressure on Nigeria.

“We acknowledge that the majority of our people are going through very difficult times in their daily lives at present, he said.

MediaageNG Nigerians Facing Tough Economic Times - Senate President Abuja, Nigeria - Mediaage NG News - Senate President, Godswill Obot Akpabío on Thursday, in an interactive session on the 2024-2026 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) in Abuja, admitted the tough economic conditions faced by Nigerians.
Senate President, Godswill Akpabio.

“We are very hopeful that in the medium term and long run, the Nigerian economy is bound to rebound for relief to the majority of our people”, Mr. Akpabio stated.

While revealing the urgency to make bold steps in solving security challenges and stimulate employment and economic growth in the interest of the nation, he said the Russian-Ukraine war was putting pressure on the country’s economy.

“Internationally, the intractable Russian-Ukraine war and the sudden Israeli-Palestine war are having international economic repercussions that have consequences for our economic outlook.

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“In addition, we are in the throes of the immediate effects of needed reform in our foreign exchange system and the equally needed removal of subsidy on petroleum products”, he added.

The MTEF and FSP is the first Public Hearing the Senate President presided. He said it is strategic to the development of the country.

He described it as a landmark one, as it is the first in the new administration of President Bola Tinubu and added that the timing and expected urgency of proceedings is pursuant to the goal of keeping to the re-established January- December budget cycle the 10th Senate aims to maintain in its constitutional role of appropriation.

Senior government functionaries, and top echelons of various Ministries, Departments and Agencies (MDAs) of the federal government were among those who attended the event.

The Public Hearing was co-organised by the Senate Committees on Finance, Appropriation, National Planning and Economic Affairs, and Local and Foreign Debt.

Present at the Hearing include Senator Sani Musa, Chairman, Senate Committee on Finance, Senator Adeolu Olamilekan, Chairman, Senate Committee on Appropriation, Senator Olalere Oyewumi, the Deputy Minority Chief Whip, amongst others.

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