The Minister of Foreign Affairs, Yusuf Tuggar, has revealed that the lack of funds is preventing Nigeria from appointing new ambassadors to its missions this year. He said that the ministry is underfunded due to macroeconomic challenges such as the depreciation of the naira, inflation, and debt.
According to Tuggar, the new administration under President Bola Tinubu has focused on removing fuel subsidies and unifying the foreign exchange market. However, these reforms have led to a significant depreciation of the naira, reaching about N1600/$ on the official window.
While there has been relative stability in the forex market in the last month, with the naira settling around N1200 to N1500, inflation reached a 28-year high of 33.69% in April 2024, with food inflation ticking 40.53%.
These economic challenges have made it difficult for the Ministry of Foreign Affairs to be adequately funded.
Tuggar noted that the President is aware of the situation and will appoint ambassadors in due course. He also addressed the problem with the issuance of student visas to Nigerian students in other countries, stating that negotiations are ongoing between Nigeria and these countries.
The economic reforms introduced by the Tinubu administration, coupled with increasing recurrent expenditure, have led the President to consider implementing the neglected Oronsaye report, which aims to reduce the cost of governance while improving public efficiency.
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