The Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has assured Nigerians that President Bola Tinubu is steering the economy in the right direction, with plans firmly in place to sustain this trajectory.
Speaking on Tuesday during his ministry’s budget defence before the National Assembly Joint Committees on National Planning in Abuja, Bagudu emphasized that Tinubu’s All Progressives Congress-led administration is implementing reforms to address long-standing economic challenges and spur recovery.
“President Bola Tinubu has steered the economy in the right direction, and we are determined to stay the course,” Bagudu stated. He added, “Under his leadership, our economy has turned the bend. The Renewed Hope Agenda strategy is confronting decades of underinvestment and yielding positive results.”
Bagudu highlighted several achievements, including three consecutive quarters of GDP growth exceeding 3%, a marked improvement compared to less than 1% in some industrialized nations. He also noted a reduction in deficit spending and a decline in reliance on ways and means, from over 6.1% in 2023 to below 4% projected in 2024.
The minister pointed out that these reforms, including the removal of fuel and FOREX subsidies, have enhanced liquidity at all levels of government. He said that Federal Account Allocation Committee (FAAC) disbursements to states and local governments have increased, and global business leaders and rating agencies have recognized the progress.
Bagudu outlined key initiatives under the administration, such as the Renewed Hope Infrastructure Fund, Consumer Credit Program, National Agriculture Development Fund, and targeted support for Micro, Small, and Medium Enterprises (MSMEs). He also emphasized plans to boost crude oil production beyond 2.06 million barrels per day while reducing production costs.
“The Crude Oil Theft Committee is intensifying its efforts, which will generate additional revenue for the national treasury,” he said.
Bagudu called on legislators to approve tax reform bills, stating that they are essential for achieving the administration’s goal of an 18% revenue-to-GDP ratio. He assured lawmakers of the administration’s commitment to inclusive growth and equitable economic development.
“Our country has done well. President Bola Tinubu is leading in the best possible way. He has charged all of us to strive for excellence and ensure the nation achieves a higher growth rate that benefits all,” Bagudu concluded.
In response, the Co-chairmen of the National Planning Committees, Senator Yahaya Abdullahi and Hon. Isiaka Ibrahim, commended the minister for his comprehensive presentation. They urged him to ensure the efficient implementation of the capital components of the 2025 Budget.
Bagudu was accompanied by the Permanent Secretary, Dr. Vitalis Emeka, as well as ministry directors and the heads of its parastatals.
