Nigeria’s economy is on the mend, thanks to sweeping reforms and renewed investor confidence, according to Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu.
In a feature interview for a forthcoming TV documentary marking President Bola Ahmed Tinubu’s second anniversary in office, Bagudu declared that the administration’s “Renewed Hope Agenda” is not just working, it’s winning.
“This is two years well spent,” Bagudu said confidently. “Mr President confronted tough economic realities with bold choices. Now, the results are showing.”
He pointed to four straight quarters of GDP growth, a more stable exchange rate, and growing confidence from both local and foreign investors.
“Investors from Brazil, Belarus, and Saudi Arabia are coming into agriculture. International ratings agencies are taking note. The world is watching and responding.”
Bagudu emphasized structural reforms like fuel subsidy removal and forex unification as major turning points.
“We were losing 5% of our GDP to fuel subsidies money benefiting only a few. President Tinubu ended that. He also ended forex market manipulation. Today, we have a fair, transparent system driving growth.”
He also spotlighted Nigeria’s first crude refining in 25 years, allowed by Tinubu’s move to permit local crude sales in naira a move he called a “testament to belief in the local economy.”
On the fiscal front, Bagudu said the 2024 and 2025 budgets reflect a shift toward accountability and strategic investment in sectors like health, education, tech, and infrastructure.
“The markets believe us now,” he said. “We cut deficits and prioritized wisely. This is credible budgeting.”
Bagudu credited the Presidential Economic Coordination Council and the Economic Management Team, led by Coordinating Minister Wale Edun, for ensuring coherent and results-driven governance.
“This is not just a government exercise. The private sector is involved. It’s teamwork—and the President is the chief coordinator.”
Acknowledging short-term discomfort from the reforms, Bagudu likened the process to hitting the gym.
“It’s painful now, but the muscles of progress are forming,” he said. “This is more than economics, it’s a moral duty. The President is taking the pain so future generations can prosper.”
