Senator Abubakar Bagudu, the Minister of Budget and Economic Planning, has lauded President Bola Tinubu’s economic reforms, attributing their success to the restoration of confidence in Nigeria’s economy. Bagudu emphasized that these measures have attracted renewed interest from foreign investors, marking a significant turnaround from the fragile financial state of the government before May 29, 2023.
In an interview with the Nigerian Television Authority, Bagudu acknowledged the initial challenges posed by the removal of petrol subsidies, acknowledging the discomfort it caused. However, he stressed that this policy decision has resulted in increased revenue available to all levels of government, enabling investments in critical infrastructure essential for economic regeneration.
Bagudu highlighted the alignment of the reforms with the Tinubu administration’s Renewed Hope Agenda and its focus on eight priority areas to bolster economic confidence and facilitate resource allocation towards productive sectors. He noted that these objectives have been accomplished, with government entities at all levels now better equipped to support economic growth.
The minister outlined various initiatives undertaken to mitigate the impact of the reforms on vulnerable segments of society, including expanded social investment support and increased funding for key sectors such as agriculture, infrastructure, security, education, health, and social investment. He also mentioned programs aimed at revitalizing manufacturing and supporting sustainable agricultural practices.
Bagudu praised the collaboration between the Central Bank of Nigeria (CBN) and the Office of the National Security Adviser in curbing currency speculation and manipulation, which contributed to stabilizing the national currency. He urged Nigerians to persevere, assuring them that President Tinubu empathized with their concerns and emphasized that the reforms were necessary to reposition the economy for long-term prosperity.
