With Tinubu In Charge, Nigeria’s Economy Is Facing The Right Direction – Bagudu

Minister of Budget and Economic Planning, Senator Atiku Bagudu, says Nigeria’s economy is on the right path, and the policies of President Bola Tinubu are taking effect.

Naijaonpoint reports Bagudu made the declaration on Tuesday during the defence of his ministry’s 2025 financial estimates before the National Assembly Joint Committees on National Planning in Abuja led by Senator Yahaya Abdullahi and Hon. Isiaka Ibrahim.

According to him, President Tinubu should be supported to fulfil his renewed hope agenda.

“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 underinvestment is working, and the positive trajectory is being sustained,” Bagudu said.

He identified growing GDP, deficit reduction, and non-recourse to ways and means beyond legal limits from over 6.1 percent in 2023 to less than 4 percent in 2024, as some of the parameters showing the economy is in good hands with President Tinubu in charge.

“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,” he told the legislators.

He explained that President Tinubu had charged the petroleum, solid mineral, and creative industry sectors with developing their potential as part of efforts towards driving revenue to finance the 2025 budget.

Bagudu sought the support of the National Assembly for his ministry to implement innovative financing measures to expand economic activities and generate substantial revenue to fund ongoing critical infrastructures.

“As the chief marketer of the Renewed Hope Agenda and Agenda 2050 strategies, the Federal Ministry of Budget and Economic Planning is poised to intensify its innovative financing to take forward the delivery of the Renewed Hope Infrastructure, including housing, roads and railway. We shall more aggressively raise funding for our creative and high-impact programmes, including Renewed Hope Infrastructure Fund, Consumer Credit, National Agriculture Development Fund, Mortgage Fund, CNG Energy transition, Student Loans Fund, and support to NANO and MSMEs,” he said.

He explained that, in addition to the funds that would accrue from maintaining fuel and removing forex subsidies, the administration was determined to increase crude oil production beyond the estimated 2.06 barrels per day at a lower cost.

He also charged the lawmakers to pass the tax reform bills, saying their passage would smoothen the government’s path to achieving its 18% revenue-to-GDP target

The Minister said that as the Crude Oil Theft Committee ramps up its activities to curb crude theft, more funds will flow into the national treasury.