Kwara State Governor AbdulRahman AbdulRazaq, who also serves as the chairman of the Nigeria Governors’ Forum (NGF), has called for patience amidst the country’s ongoing economic challenges.
Speaking during a briefing in Ilorin with various segments of the state, including labour union leaders from transport, artisans, market unions, and students, AbdulRazaq outlined the government’s efforts to alleviate the hardships faced by the people.
In a statement signed by Rafiu Ajakaye, Chief Press Secretary to the Governor, AbdulRazaq highlighted that different federal government committees are working tirelessly to address the significant depreciation of the naira and its impact on consumer goods.
AbdulRazaq emphasized the major challenge of foreign exchange, noting that the country’s revenue from crude oil sales has been affected by low sales and pre-sale agreements. He explained that this situation reduces the value of the crude oil currently being sold.
He assured the people that gradual improvements would occur, urging their understanding and support during this transition period.
AbdulRazaq revealed that the government is taking immediate steps to reduce the cost of essential food items by periodically releasing grains from the strategic reserve and distributing them to the populace.
Regarding the devaluation of the naira, the Governor pointed out that merchants from neighbouring countries are taking advantage of the situation by purchasing grains from Nigeria at lower prices and reselling them at higher prices in their own countries, particularly within the West African sub-region.
While acknowledging the rise in inflation, AbdulRazaq urged patience from the people, highlighting the government’s ongoing investments in gas-powered vehicles, which are expected to yield positive results after their distribution in the coming months.
