Bagudu – Nigeria’s Economy on Right Track Under Tinubu.

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The Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has expressed optimism about the state of the Nigerian economy, stating that President Bola Tinubu’s administration has successfully steered the economy in the right direction.

“President Bola Tinubu has steered the economy in the right direction, and we are determined to stay the course,” Bagudu said during the defence of his ministry’s financial estimates before the National Assembly Joint Committees on National Planning in Abuja.

The minister attributed the positive trajectory to the Tinubu administration’s economic reforms, which have yielded significant results. He highlighted the GDP growth of over 3% for three consecutive quarters, surpassing the growth rate of less than 1% in industrialized countries.

Some of the notable achievements of the administration’s reforms include:

– *Recovery of the Economy*: The economy has shown signs of recovery, with a significant reduction in deficit.

– *Deficit Reduction*: The deficit has decreased from over 6.1% in 2023 to less than 4% in 2024.

– *Increased FAAC Allocations*: The reform strategy has enhanced the liquidity of state and local governments, leading to an increase in FAAC allocations.

– *Elimination of Subsidies*: The elimination of FOREX and fuel subsidies has contributed to the sustained increase in FAAC allocations.

Bagudu assured the legislators that the Tinubu administration would explore innovative financing options and line budget allocation to fund the 2025 financial plans. The administration has tasked key sectors, including petroleum, solid minerals, and creative industries, with developing their potential to generate substantial revenue.

The minister emphasized the importance of collaboration between the National Assembly and his ministry to implement innovative financing measures and expand economic activities.

With the help of the National Assembly, Bagudu’s ministry, which he described as the “chief marketer” of Tinubu’s Renewed Hope Agenda and Agenda 2050 strategies, aims to implement these measures to generate substantial revenue and fund critical infrastructure projects.

The minister’s optimism about the economy’s prospects was evident as he highlighted the administration’s commitment to sustaining the positive trajectory. He emphasized that the Tinubu administration’s economic reforms were designed to promote economic growth, reduce poverty, and improve the overall well-being of Nigerians.

As the National Assembly continues to review the 2025 budget, Bagudu’s assurances about the administration’s economic plans are likely to be closely scrutinized. The minister’s confidence in the economy’s prospects, however, suggests that the Tinubu administration is committed to building on the progress made so far and driving sustainable economic growth.

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