The Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has affirmed that President Bola Tinubu’s administration has set Nigeria’s economy on a path to recovery and is committed to maintaining its current trajectory.

Speaking during his ministry’s financial estimates defence before the National Assembly Joint Committees on National Planning in Abuja on Tuesday, Bagudu stated that Tinubu’s economic reforms are yielding results and driving the economy toward full recovery.

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

Positive Indicators of Economic Recovery

Bagudu highlighted several key indicators of the administration’s success:

• Sustained GDP Growth: The minister pointed to three consecutive quarters of GDP growth exceeding 3%, contrasting with growth rates of less than 1% in many industrialized nations.
• Deficit Reduction: The fiscal deficit has been reduced from over 6.1% in 2023 to below 4% in 2024.
• Increased Liquidity: The reforms have enhanced financial stability at the state and local government levels, reflected in increased Federation Account Allocation Committee (FAAC) disbursements to all tiers of government.
• Global Acknowledgment: Bagudu noted that international business leaders and rating agencies have recognized Nigeria’s improving economic trajectory.

Impact of Key Reforms

The minister attributed these positive trends to decisive reforms, including the elimination of fuel subsidies and adjustments to the foreign exchange regime. He assured lawmakers that these measures would ensure sustained increases in FAAC allocations and foster economic growth.

Innovative Financing for 2025 Plans

Senator Bagudu emphasized that the Tinubu administration would adopt innovative financing methods to fund the 2025 budget.

• Sectoral Development: The petroleum, solid minerals, and creative industries have been tasked with unlocking their full economic potential to contribute significantly to revenue generation.
• Infrastructure Investment: The government remains focused on critical infrastructure projects to support economic expansion and ensure long-term stability.

Commitment to National Development

Bagudu reaffirmed the ministry’s role as the primary driver of Tinubu’s Renewed Hope Agenda and the Agenda 2050 strategy. He expressed confidence that, with the support of the National Assembly, the administration would achieve its economic objectives through innovative policies and strategic investments.

“The Renewed Hope Agenda Strategy of once and for all confronting our decades of underinvestment is working, and the positive trajectory is being sustained,” he said.

Conclusion

The minister’s remarks reflect the Tinubu administration’s optimism about Nigeria’s economic recovery, citing evidence of progress and outlining a clear vision for future growth. With continued reforms and effective collaboration between government institutions, the administration aims to sustain and build upon these gains in the years ahead.