Tinubu Steering Nigerian Economy Toward Recovery- Bagudu

The Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has praised President Bola Tinubu’s economic policies, stating that they are driving the nation’s economy toward full recovery. Bagudu made this assertion on Tuesday during his ministry’s financial estimate defense before the National Assembly Joint Committees on National Planning in Abuja.

In a statement, the minister highlighted that the Tinubu administration’s reforms under the Renewed Hope Agenda Strategy are addressing long-standing economic challenges and fostering sustainable growth.

“President Bola Tinubu has steered the economy in the right direction, and we are determined to stay the course,” Bagudu told the committee members, led by Senator Yahaya Abdullahi and Isiaka Ibrahim.

According to Bagudu, the administration has achieved significant milestones, including three consecutive quarters of GDP growth exceeding three percent—a stark contrast to sub-one-percent growth seen in some industrialized nations. He noted that this growth underscores the effectiveness of ongoing reforms.

Read Also: Ondo Court Sentences Man to 21 Years for Church Thefts

Other successes cited by the minister include a reduction in fiscal deficits, adherence to legal limits on borrowing, and increased liquidity at sub-national levels, benefiting states and local governments. Bagudu emphasized that the elimination of fuel subsidies and exchange rate reforms had bolstered federal revenue and increased Federation Account Allocation Committee (FAAC) disbursements across all tiers of government.

“The reform strategy has enhanced the liquidity of sub-nationals. FAAC allocations to all tiers of government are on the increase, and with the elimination of FOREX and fuel subsidies, the trend will be sustained,” he assured.

Looking ahead, Bagudu explained that the administration would focus on innovative financing to fund its 2025 financial plans. He added that Tinubu had directed the petroleum, solid minerals, and creative industry sectors to harness their economic potential for national development.

Bagudu concluded by reaffirming the ministry’s commitment to implementing the Renewed Hope Agenda and Agenda 2050 strategies, vowing to generate substantial revenue and expand economic activities to fund critical infrastructure projects.