Chief Bola Tinubu’s economic reforms are showing positive results, according to Abubakar Bagudu, the Minister of Budget and Economic Planning. Bagudu addressed journalists in Abuja on Friday, explaining that these measures have renewed faith in Nigeria’s economy.
Bagudu, through a statement by his media aide Bola Adebiyi, acknowledged that the removal of the petrol subsidy had caused some discomfort. However, he insisted this policy change has increased the funds available to the federal, state, and local governments for essential infrastructure projects. “The removal of petrol subsidy caused some pain, but the policy has increased the quantum of funds available to the three tiers of government to invest in critical infrastructure. This critical infrastructure will regenerate the economy,” Bagudu stated.
Before May 29, 2023, Bagudu said the government’s finances were unstable. The subsidy payments drained the revenue to such an extent that it left the economy at a standstill. He claimed the reforms align with Tinubu’s “Renewed Hope Agenda” and the administration’s eight priority areas, aiming to restore economic confidence and provide resources for investment in productive sectors.
Bagudu emphasized that these objectives are being met, with all levels of government gaining more capacity to support the economy. He also highlighted Tinubu’s expansion of social investment programs to assist those most affected by the reforms. “All the sectors that will enable the gains to be achieved, including agriculture, infrastructure, and security, have seen more funding,” Bagudu said. “Sectors that secure our future, like education, health, and social investment, have received increased budgetary allocations.”
New programs are supporting sectors such as manufacturing and agriculture sustainably. For instance, measures to boost employment include providing mortgage funds to revive the mortgage sector, encouraging increased activity.
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Bagudu also praised the collaboration between the Central Bank of Nigeria and the Office of the National Security Adviser in controlling currency speculators and manipulators, which he said had helped stabilize the naira’s value.
He urged Nigerians to remain patient and resilient, noting Tinubu’s consistent empathy towards the people. “We must take note that Chief Tinubu has empathised with the people and assured them that the reforms were not intended to inflict pain on them but were necessary measures to reposition the economy,” Bagudu concluded.
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