Nigeria’s Economy Experiences Significant Turnaround, Says Minister of Budget and Economic Planning

In a recent interview for an upcoming TV documentary marking President Bola Ahmed Tinubu’s second anniversary, Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, expressed confidence in the country’s economic progress.

According to Bagudu, Nigeria’s economy is witnessing a remarkable turnaround, driven by bold reforms, improved coordination, and a renewed focus on national priorities.

The Minister attributed the success to the government’s “Renewed Hope Agenda,” which has been effective in winning over investors both domestically and internationally.

“This is two years well spent,” Bagudu stated, reaffirming the government’s commitment to economic reforms. He noted that President Tinubu’s courageous decisions, although tough, have yielded positive results, including four consecutive quarters of GDP growth, exchange rate stability, and a resurgence in private sector confidence.

Bagudu highlighted the significant progress made in various sectors, including agriculture, energy, and infrastructure, which have attracted investors from around the world, including Brazil, Belarus, and Saudi Arabia.

The Minister attributed this renewed interest to the administration’s commitment to credibility, transparency, and structural change, which has earned the trust of investors and multilateral institutions.

The removal of fuel subsidies and the unification of the foreign exchange market were cited as transformative decisions that have restored fiscal sanity. Bagudu explained that the fuel subsidy removal has saved the country 5% of its GDP, which was previously benefiting only a few individuals.

The foreign exchange reform has also removed uncertainty and favoritism, creating a fair market that has generated revenue growth and boosted private sector confidence.

The Minister also discussed the 2024 and 2025 budgets, which balance fiscal responsibility with strategic investment in priority sectors such as health, education, infrastructure, security, and technology.

He noted that the 2024 budget achieved significant deficit reduction, demonstrating the government’s seriousness and commitment to fiscal discipline.

Furthermore, Bagudu emphasized President Tinubu’s respect for the rule of law, particularly in managing inherited debt and Central Bank financing.

The President’s decision to respect the Central Bank’s independence has earned the country credibility globally, despite inheriting ₦22.7 trillion in Ways and Means financing.

Overall, the Minister’s assessment suggests that Nigeria’s economy is on a positive trajectory, driven by bold reforms and a commitment to transparency and accountability.

As the country continues to implement its “Renewed Hope Agenda,” it is likely to attract more investors and achieve sustained economic growth.