Minister Abubakar Bagudu Highlights Economic Reforms Under President Tinubu’s Leadership

Senator Abubakar Bagudu, the Minister of Budget and Economic Planning, asserted on Tuesday that under the leadership of President Bola Tinubu, the Nigerian economy is steadily recovering and heading in the right direction. He made this statement during the defence of his ministry’s financial estimates before the National Assembly Joint Committees on National Planning in Abuja, reaffirming the government’s commitment to staying the course with its economic reforms.

“President Bola Tinubu has steered the economy in the right direction, and we are determined to stay the course,” Bagudu told legislators, including Senator Yahaya Abdullahi and Hon. Isiaka Ibrahim. He emphasized that the Tinubu administration’s economic reforms were already yielding positive results, with the economy on a clear path to full recovery.

Bagudu pointed to several key achievements, such as a consistent GDP growth of over 3% for three consecutive quarters, a stark contrast to the less than 1% growth seen in industrialized countries. These figures demonstrate the success of the administration’s reform strategy, which is also contributing to significant reductions in the national deficit and reliance on non-recourse borrowing.

The minister highlighted that the reforms were boosting liquidity for state and local governments, with FAAC allocations on the rise. He also noted that the elimination of fuel and foreign exchange subsidies was playing a major role in sustaining this positive trend.

Looking ahead to the 2025 budget, Bagudu assured the National Assembly that the government would generate the necessary funds through innovative financing mechanisms and prudent budgetary allocations. He revealed that President Tinubu had tasked key sectors, such as petroleum, solid minerals, and creative industries, with unlocking their full potential to further drive economic growth.

As the chief marketer of the Renewed Hope Agenda and Agenda 2050 strategies, Bagudu emphasized the government’s commitment to leveraging innovative financing measures to expand critical infrastructure, such as housing, roads, and railways. The government will also focus on high-impact programs, including the Renewed Hope Infrastructure Fund, Consumer Credit, National Agriculture Development Fund, and others designed to stimulate economic activity and revenue generation.

In addition to reforms in energy and subsidy removal, Bagudu revealed that Nigeria was determined to increase crude oil production beyond the estimated 2.06 million barrels per day, while tackling crude oil theft through the ongoing efforts of the Crude Oil Theft Committee.

Bagudu also shared the administration’s efforts in enhancing Nigeria’s bilateral and multilateral relations, citing strengthened partnerships with countries like China, the United Kingdom, the European Union, Japan, the UAE, and Saudi Arabia. These international relationships, along with high-level visits by world leaders, underscore the global respect for Nigeria’s ongoing economic reforms.

The minister expressed gratitude to the National Assembly for approving his ministry’s budget for its parastatals, which play a crucial role in Nigeria’s development. He commended the National Bureau of Statistics (NBS) for its timely economic reports and announced that the Nigerian Institute of Social and Economic Research (NISER) was organizing a Renewed Hope Agenda Lecture Series to track the administration’s progress.

Bagudu also praised the Budget Office, led by Dr. Tanimu Yakubu, for producing the 2025 budget estimates with a focus on transparency and resource allocation to critical sectors. The Centre for Management Development (CMD), under Mr. Bistros Chinoko, was also lauded for its leadership in setting standards in management development and economic administration.

The Co-chairmen of the Joint Committees, Senator Yahaya Abdullahi and Hon. Isiaka Ibrahim, commended Bagudu for his comprehensive presentation and urged him to ensure that the capital component of the 2025 budget is effectively implemented.

Accompanying Bagudu during the budget defence were the Permanent Secretary of the Ministry, Dr. Vitalis Emeka, along with ministry directors and the heads of its parastatals.