Acting President Yemi Osinbajo has admitted that the economy has proven to be the biggest challenge of all under the administration of President Muhammadu Buhari.
Osinbajo, in his Democracy Day speech released this morning, said the administration had been extremely mindful of the many sacrifices Nigerians had had to make over the last few years.
He stated: “Let me first express just how concerned we have been, since this administration took office, about the impact of the economic difficulties on our citizens.
“Through no fault of theirs, some companies shut down their operations, others downsized; people lost jobs, had to endure rising food prices. In some States civil servants worked months on end without the guarantee of a salary, even as rents and school fees and other expenses continued to show up like clockwork.
“We have been extremely mindful of the many sacrifices that you have had to make over the last few years,” the acting president stated.
He said the administration’s work on the economic front, therefore, had been targeted at a combination of short-term interventions to cushion the pain, “as well as medium to long term efforts aimed at rebuilding an economy that is no longer helplessly dependent on the price of crude oil.
“Those short-term interventions include putting together a series of bailout packages for our State Governments, to enable them bridge their salary shortfalls – an issue the President has consistently expressed his concerns about. We also began the hard work of laying out a framework for our Social Intervention Programme, the most ambitious in the history of the country.”