Tinubu Leading Economic Recovery Efforts, Says Minister
The Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has praised President Bola Tinubu’s leadership, stating that the administration is steering Nigeria’s economy toward recovery. He shared this during the defence of his ministry’s budget estimates before the National Assembly Joint Committees on National Planning in Abuja.
Bagudu emphasized that Tinubu’s economic reforms under the Renewed Hope Agenda are addressing years of underinvestment and positioning the economy for sustainable growth. Despite criticism over rising costs of goods and services, the minister maintained that the policies are yielding positive results.
He highlighted notable achievements, including consistent GDP growth exceeding 3% for three quarters, reduced deficit spending, and a significant drop in the use of ways and means from over 6.1% in 2023 to less than 4% in 2024. These improvements have been recognized by global rating agencies and business leaders.
The minister also pointed out increased liquidity for states and local governments due to reforms like the elimination of FOREX and fuel subsidies. Federal Allocations (FAAC) to all tiers of government are rising, and infrastructure projects such as roads, railways, and housing are being prioritized under innovative financing initiatives like the Renewed Hope Infrastructure Fund and Consumer Credit schemes.
Efforts to boost crude oil production and reduce costs were also discussed. Bagudu noted that the Crude Oil Theft Committee’s activities are expected to generate additional revenue for the nation.
The minister urged lawmakers to pass tax reform bills, which he said would help achieve an 18% revenue-to-GDP target. He assured them of the administration’s commitment to inclusive growth and a higher growth rate that benefits all Nigerians.
Legislators commended Bagudu’s presentation and encouraged the effective implementation of the capital component of the 2025 Budget.
