Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, states that Nigeria’s economy is undergoing a profound transformation, propelled by bold reforms, enhanced coordination, and a renewed focus on national priorities.
In a feature interview for an upcoming TV documentary commemorating President Bola Ahmed Tinubu’s second anniversary, Bagudu declared that the government’s “Renewed Hope Agenda” is yielding positive outcomes, attracting investors domestically and internationally.
“This is two years well spent,” Bagudu asserted, reinforcing the government’s dedication to economic reform.
“Mr. President confronted Nigeria’s economic realities with bold and necessary choices—tough as they might be—and those measures are now producing results.”
Bagudu highlighted that the reform-led economy has achieved four consecutive quarters of GDP growth, exchange rate stability, and a resurgence in private sector confidence.
“We have seen four quarters of consistent economic growth, stability in foreign exchange, and increasing acknowledgment from both Nigerians and the international community. Rating agencies have consistently recognized our efforts,” he said.
He noted that both foreign and domestic investors are responding positively to the government’s economic strategies, especially in the agriculture, energy, and infrastructure sectors.
“We have witnessed increasing investment from Brazil, Belarus, and Saudi Arabia in our agricultural landscape. The global economic community and multilateral institutions are placing greater trust in our economy.”
According to the Minister, this renewed interest stems from the administration’s commitment to credibility, transparency, and necessary structural changes.
“Investors seek strong policy foundations—can I expect returns? Are the figures reliable? Is the environment transparent? That’s why they value our consistent quarterly GDP growth,” he explained.
“For the first time in 25 years, Nigeria is refining oil. Mr. President demonstrated his confidence in our economy by permitting crude sales in naira to our refiners.”
Bagudu described the elimination of fuel subsidies and the unification of the foreign exchange market as transformative moves that restore fiscal integrity.
“We were losing 5% of our GDP on fuel subsidies—benefiting only a few,” he remarked. “Mr. President took the courageous step to end it.”
“The foreign exchange reform has eliminated uncertainty and favoritism. We now boast a fair market—willing buyer, willing seller—which has generated revenue growth and boosted confidence in the private sector.”
He indicated that the 2024 and 2025 budgets reflect a balance of fiscal responsibility and strategic investments in critical sectors.
“We have boosted spending in health, education, infrastructure, security, and technology. The 2024 budget achieved significant deficit reduction, demonstrating our seriousness in the eyes of the markets.”
He emphasized President Tinubu’s respect for the rule of law, even when managing inherited debt and Central Bank financing.
“Mr. President inherited ₦22.7 trillion in Ways and Means financing, but he insisted on maintaining the Central Bank’s independence. That discipline is fostering our global credibility.”
The Minister attributed Nigeria’s coordinated governance approach to the efforts of the Presidential Economic Coordination Council and the Economic Management Team, led by President Tinubu and Coordinating Minister for the Economy, Wale Edun.
“This is a team effort. The President serves as the chief coordinator, understanding the global economic context, which garners respect from the private sector. We’re not just executing government-to-government coordination—the private sector is a vital component of this reform initiative.”
While admitting that the reforms can be challenging in the short term, Bagudu likened the process to a necessary fitness regimen.
“Our economy is like a body going to the gym. It might feel painful now, but the muscles of progress are strengthening.
“Mr. President is affirming: ‘I’m ready to endure the hardships so our children and grandchildren will inherit a more prosperous Nigeria.’ This isn’t merely economic reform—it’s a moral obligation,” Bagudu concluded.