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The Minister of Budget and Economic Planning, Senator Abubakar Bagudu, on Tuesday, declared that President Bola Tinubu is guiding the economy on the right path and remains committed to maintaining this direction.
The minister stated this during the defence of his ministry’s financial estimates before the National Assembly Joint Committees on National Planning in Abuja. He also affirmed that Tinubu’s All Progressives Congress-led administration is navigating the nation’s economy in the best possible way.
Since assuming office, Tinubu has implemented various economic policies, which have attracted both praise and criticism. While these reforms have led to rising prices of goods and services, making it harder for Nigerians to afford necessities, Bagudu insisted that they are yielding positive results and positioning the economy for full recovery.
“President Bola Tinubu has steered the economy in the right direction, and we are determined to stay the course,” Bagudu told the legislators, led by Senator Yahaya Abdullahi and Hon. Isiaka Ibrahim.
He added, “Under the leadership of President Bola Tinubu, and with your support, our economy has turned the bend and is heading in the right direction. The Renewed Hope Agenda strategy, which aims to confront decades of underinvestment once and for all, is working, and this positive trajectory is being sustained.”
Bagudu highlighted key achievements, including GDP growth of over 3% for three consecutive quarters—far surpassing the less than 1% growth recorded in industrialised nations.
He also cited economic recovery, deficit reduction, and a decline in the use of ways and means, from over 6.1% in 2023 to less than 4% in 2024, as evidence of progress. These achievements, he said, have been recognised by global business leaders and rating agencies.
“The reform strategy has enhanced liquidity for sub-nationals—states and local governments. FAAC allocations to all tiers of government are increasing. With the elimination of FOREX and fuel subsidies, among other reforms, this trend will continue,” Bagudu stated.
He further outlined plans to intensify innovative financing for infrastructure projects, including housing, roads, and railways. Bagudu mentioned the Renewed Hope Infrastructure Fund, Consumer Credit, National Agriculture Development Fund, Mortgage Fund, CNG Energy Transition, Student Loans Fund, and support for MSMEs as key initiatives.
The minister also emphasised efforts to boost crude oil production beyond the projected 2.06 million barrels per day at a reduced cost. He noted that the Crude Oil Theft Committee’s intensified efforts would generate additional revenue for the national treasury.
Bagudu urged legislators to pass tax reform bills, stressing that their approval would help the government achieve its 18% revenue-to-GDP target. He assured lawmakers of the administration’s commitment to inclusive growth and economic development.
“Our country has done well. President Bola Tinubu is leading in the best possible way. He has charged all of us, his ministers, to strive for excellence and ensure the nation achieves a higher growth rate that benefits all,” Bagudu stated.
The Co-chairmen of the Joint Committees on National Planning, Senator Yahaya Abdullahi and Hon. Isiaka Ibrahim commended Bagudu for his detailed presentation and urged him to ensure the effective implementation of the capital component of the 2025 Budget.
The minister was accompanied at the budget defence by the Permanent Secretary, Dr Vitalis Emeka, ministry directors, and the chief executives of its parastatals.
