The Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has commended President Bola Ahmed Tinubu’s economic reforms, describing them as transformative and capable of steering Nigeria toward full economic recovery. Bagudu made these remarks on Tuesday during the defence of his ministry’s financial estimates before the National Assembly Joint Committees on National Planning in Abuja.
“President Bola Tinubu has steered the economy in the right direction, and we are determined to stay the course,” Bagudu assured federal legislators, led by Senator Yahaya Abdullahi and Hon. Isiaka Ibrahim.
The minister highlighted key achievements of the Tinubu administration, including Nigeria recording over 3% GDP growth for three consecutive quarters, outperforming industrialized nations with less than 1% growth. He also noted a reduction in the budget deficit from over 6.1% in 2023 to less than 4% in 2024, and enhanced liquidity for states and local governments due to reforms like the elimination of fuel and forex subsidies.
Bagudu noted that the international community, including global business leaders and rating agencies, had acknowledged Nigeria’s progress. Development partners, such as China and the EU, have scaled up their collaborations, he added.
The minister detailed plans to fund critical infrastructure, emphasizing innovative financing strategies to support projects such as housing, roads, and railways. He outlined ongoing initiatives like the Renewed Hope Infrastructure Fund, consumer credit programs, the CNG energy transition, the student loan fund, and support for MSMEs and agriculture.
He also revealed efforts to boost crude oil production beyond 2.06 million barrels per day, alongside tackling crude oil theft through intensified activities of the Crude Oil Theft Committee.
Bagudu urged lawmakers to pass tax reform bills, which he said would smoothen the path to achieving an 18% revenue-to-GDP target. He assured them of the administration’s focus on inclusive growth.
The minister praised the contributions of key parastatals under his ministry, including the National Bureau of Statistics (NBS), which is finalizing a GDP rebasing using 2019 prices, and the Nigerian Institute of Social and Economic Research (NISER), which plans to track the Renewed Hope Agenda’s performance.
Senator Yahaya Abdullahi and Hon. Isiaka Ibrahim commended the minister’s detailed presentation and urged the ministry to prioritize implementing the capital component of the 2025 budget effectively.
The minister, accompanied by Permanent Secretary Dr. Vitalis Emeka, directors, and heads of parastatals, reaffirmed the Tinubu administration’s commitment to achieving sustainable economic growth for the nation.
