Nigeria Economy In Right Direction Under Tinubu, Minister 

The Minister of Budget and Economic Planning, Senator Abubakar Bagudu, yesterday told the National Assembly that President  Bola Tinubu has steered the economy in the right direction and is determined to stay the course.

According to him, Tinubu’s economic reforms are working and the economy is on the path to full recovery.

He also assured the lawmakers that the present administration will generate the funds to finance the 2025 financial plans through innovative financing and line budget allocation, adding that the President has charged the petroleum, solid mineral, and creative sectors with developing their potential.

Speaking when he appeared before the joint National Assembly Committee on National Planning, led by Senator Yahaya Abdullahi in Abuja, Bagudu said the economy has had GDP growth of more than three per cent for three successive quarters, compared to less than one per cent in industrialised countries.

The minister, who listed other positive impacts, including recovery of the economy, deficit reduction, and non-recourse to ways and means beyond legal limits from over 6.1% in 2023 to less than 4% in 2024, said global business leaders and rating agencies have acknowledged these.

He said: “President Bola Tinubu has steered the economy in the right direction, and we are determined to stay the course.

“Under the leadership of President Bola Tinubu, and with your support, our economy has turned the bend and facing the right direction. The Renewed Hope Agenda strategy of once and for all confronting our decades of under-investment is working, and the positive trajectory is being sustained.

“The reform strategy has enhanced the liquidity of the sub-nationals — states and local governments. FAAC allocations to all tiers of government are on the increase. With the elimination of forex and fuel subsidies, among other reforms, the increase shall be sustained”.

Bagudu emphasised that with the help of the National Assembly, his ministry, which is the chief marketer of Tinubu’s Renewed Hope Agenda and Agenda 2050 strategies, will implement innovative financing measures to expand economic activities and generate substantial revenue to fund on-going critical infrastructure.