Forex Crisis: Nothing For Nigeria As Our Crude Oil Sold In Advance – NGF

• Governor AbdulRazaq appeals for patience amidst economic challenges, engaging various population segments to discuss government efforts
• He highlights federal committees’ efforts to address the impact of the forex crisis on the cost of living, emphasizing critical foreign exchange issues

Kwara State Governor AbdulRahman AbdulRazaq, who also serves as the chairman of the Nigeria Governors’ Forum (NGF), has appealed for patience amidst the country’s ongoing economic challenges.

During a briefing in Ilorin, Governor AbdulRazaq engaged with various segments of the state’s population to discuss government efforts aimed at alleviating the hardships being experienced by the people.

The sessions, which involved leaders from labour unions, transport associations, artisans, market unions, and students, focused on addressing the impact of the forex crisis and inflation on consumer goods.

Governor AbdulRazaq highlighted that different federal government committees are diligently working to address the sharp decline in the value of the naira and its repercussions on the cost of living.

He emphasized the critical issue of foreign exchange, noting that Nigeria’s crude oil sales, a major source of foreign revenue, have been affected by low sales and advanced selling of crude oil.

Despite the challenges, Governor AbdulRazaq assured that the government is taking immediate steps to mitigate the situation by releasing grains from strategic reserves and distributing them to the populace. This initiative aims to stabilize food prices and counteract the effects of currency devaluation.

Governor AbdulRazaq acknowledged the increased inflationary pressures and the influx of merchants from neighbouring countries purchasing grains at lower prices in Nigeria for resale in their own countries.

He urged patience from the citizens, emphasizing that the government’s investments in gas-powered vehicles will yield positive results once implemented in the coming months.

Governor AbdulRazaq called for understanding and support from the people as the government works tirelessly to navigate the current economic challenges and improve the overall well-being of Nigerians.