The Minister of Budget and Economic Planning, Senator Abubakar Bagudu, expressed confidence on Tuesday that President Bola Tinubu’s economic reforms were effectively steering Nigeria toward full economic recovery.
Speaking before the National Assembly Joint Committees on National Planning in Abuja, Bagudu reaffirmed the administration’s commitment to sustaining its reforms, which have led to positive economic outcomes.
He noted that under President Tinubu’s leadership, Nigeria’s economy had made significant strides, citing GDP growth of more than three percent over three consecutive quarters, a notable improvement compared to the stagnation seen in many industrialized countries.
“President Bola Tinubu has steered the economy in the right direction, and we are determined to stay the course,” Bagudu told the federal legislators, led by Senator Yahaya Abdullahi and Isiaka Ibrahim.
The minister highlighted several achievements of the administration’s economic policies, including reduced deficits, recovery of the economy, and a decline in reliance on ways and means beyond legal limits. He also pointed to increasing allocations to states and local governments as a sign of economic revitalization.
He added that the elimination of fuel and foreign exchange subsidies would sustain further increases in government allocations. Looking ahead, Bagudu assured legislators that innovative financing and strategic investments in sectors like petroleum, solid minerals, and the creative industry would help fund Nigeria’s 2025 financial plans.
“The administration is determined to expand economic activities and generate substantial revenue for critical infrastructure,” Bagudu concluded, emphasizing that the National Assembly’s support would be key to the successful implementation of President Tinubu’s ambitious strategies.
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