By Milcah Tanimu
The Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has commended President Bola Tinubu for steering Nigeria’s economy in the right direction. Speaking on Tuesday during the defence of his ministry’s financial estimates before the National Assembly Joint Committees on National Planning in Abuja, Bagudu affirmed that the administration’s economic reforms are yielding positive results.
“President Bola Tinubu has steered the economy in the right direction, and we are determined to stay the course,” Bagudu stated, addressing federal legislators led by Senator Yahaya Abdullahi and Isiaka Ibrahim.
Key Indicators of Economic Progress
The minister pointed to a consistent GDP growth of over 3% for three consecutive quarters—significantly higher than the growth rates of industrialized nations—as evidence of the administration’s effective reforms.
Additional achievements include:
- Economic recovery and deficit reduction: Deficit-to-GDP ratio reduced from 6.1% in 2023 to less than 4% in 2024.
- Increased FAAC allocations: Reforms, including the removal of FOREX and fuel subsidies, have enhanced liquidity for states and local governments.
- Global acknowledgment: International rating agencies and business leaders have recognized the administration’s positive strides.
Bagudu also emphasized that President Tinubu’s Renewed Hope Agenda prioritizes tackling decades of underinvestment, with a focus on innovative financing to fund critical infrastructure.
Innovative Plans for 2025
The minister assured the National Assembly that the administration would generate funds for the 2025 financial plans through efficient budget allocations and innovative financing. He highlighted efforts to unlock the potential of sectors like petroleum, solid minerals, and the creative industry to boost economic activity and revenue generation.
Bagudu concluded by urging continued collaboration with the National Assembly to sustain the momentum of the Renewed Hope Agenda and Nigeria’s Agenda 2050 strategies.
