Senate President Godswill Akpabio on Thursday said the Russian-Ukraine war was putting pressure on Nigeria’s economy, and that the government needed to take bold steps to solve security challenges and stimulate employment and economic growth.
Akpabio was speaking at an interactive session on the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP). He said that the MTEF/FSP was being considered at a time when events at the global scene and locally were putting massive negative financial and socio-economic pressure on Nigeria.
He specifically mentioned the Russian-Ukraine war, the Israeli-Palestine war, and the need for reform in Nigeria’s foreign exchange system and the removal of subsidy on petroleum products as factors putting pressure on the economy.
Akpabio acknowledged that Nigerians were passing through economic hardship, but expressed hope that the 2024-2026 MTEF would be an ameliorative measure. He encouraged frank discussions of all the parameters and indices contained in the MTEF/FSP.
The Senate President’s comments come at a time when Nigeria’s economy is facing a number of challenges, including high inflation, rising unemployment, and a weak currency. The government is under pressure to take steps to address these challenges and improve the lives of ordinary Nigerians.
