Nigerian Economy on Right Track, Assures Minister of Budget
By Patience Ikpeme
Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has assured the National Assembly that the government will not deviate from its ongoing economic reforms, stressing that the Nigerian economy is on the right track.
During his appearance before the National Assembly Joint Committees on National Planning, led by Senator Yahaya Abdullahi and Hon. Isiaka Ibrahim, Abubakar Bagudu highlighted the positive outcomes of the economic reforms initiated by President Bola Ahmed Tinubu under the Renewed Hope Agenda. He pointed to consistent GDP growth exceeding three percent for three consecutive quarters, a significant achievement compared to the less than one percent growth observed in some industrialized nations.
The Minister attributed these positive economic indicators to the government’s decisive actions, including the removal of fuel and forex subsidies. These reforms have not only spurred economic recovery but also contributed to reduced deficits and limited borrowing within legal limits, bringing Nigeria’s fiscal deficit down from 6.1 percent in 2023 to below 4 percent in 2024.
Bagudu emphasized that these reforms will continue to drive sustainable economic growth, enhance revenue generation, and address critical infrastructure needs. He outlined plans to fund the 2025 financial estimates through innovative financing mechanisms and budgetary allocations.
He revealed that President Tinubu has directed key sectors such as petroleum, solid minerals, and the creative industry to maximize their revenue generation potential. Furthermore, the government is actively working to increase crude oil production beyond 2.06 million barrels per day, with the Crude Oil Theft Committee playing a crucial role in curbing losses.
The Minister reiterated the ministry’s role as the “chief marketer” of the Renewed Hope Agenda and Agenda 2050 strategies. He highlighted the deployment of innovative financing mechanisms to fund critical infrastructure projects, including housing, roads, and railways. Key programmes such as the Renewed Hope Infrastructure Fund, Consumer Credit schemes, and support for Micro, Small, and Medium Enterprises (MSMEs) will be instrumental in driving economic growth and development.
Bagudu acknowledged the positive response from the international community to Nigeria’s economic reforms. Partnerships with countries like China, the United Kingdom, and Saudi Arabia have strengthened, and visits from world leaders, including German President Frank-Walter Steinmeier and Indian Prime Minister Narendra Modi, underscore Nigeria’s growing global relevance. He further emphasized President Tinubu’s proactive diplomacy in showcasing the positive impact of these reforms on Nigeria’s stability and growth.
The Minister expressed appreciation for the National Assembly’s budgetary support for his ministry’s four parastatals, crucial for Nigeria’s socio-economic growth. He commended the National Bureau of Statistics (NBS) for its timely and accurate data releases, particularly highlighting the agency’s ongoing GDP rebasing project using 2019 prices.
The co-chairmen of the Joint Committees, Senator Yahaya Abdullahi and Hon. Isiaka Ibrahim, commended Minister Bagudu’s comprehensive presentation and urged the ministry to ensure effective implementation of the capital component of the 2025 budget to address the nation’s critical infrastructure needs.
Accompanied by Permanent Secretary Dr. Vitalis Emeka, ministry directors, and heads of parastatals, Minister Bagudu reassured the lawmakers of the administration’s unwavering commitment to achieving inclusive economic growth and development. He concluded by reaffirming President Tinubu’s directive to prioritize excellence in governance and economic management, ensuring that Nigeria’s economy remains on the path to full recovery.
