Tinubu's Economic Reforms Steering Nigeria Toward Recovery, Says Minister Bagudu

 Tinubu's Economic Reforms Steering Nigeria Toward Recovery, Says Minister Bagudu

In a recent address to the National Assembly Joint Committees on National Planning, Minister of Budget and Economic Planning, Senator Abubakar Bagudu, asserted that President Bola Tinubu's economic reforms are effectively guiding Nigeria toward recovery.He emphasized the administration's commitment to maintaining this trajectory under the Renewed Hope Agenda.



Economic Growth and Fiscal Consolidation

Minister Bagudu highlighted that Nigeria's Gross Domestic Product (GDP) has experienced growth exceeding 3% for three consecutive quarters.This consistent performance reflects the positive impact of the administration's policies on the nation's economic stability.

Additionally, the government has achieved a reduction in the fiscal deficit from 6.2% to 4.4% of GDP within a year. This improvement is attributed to strategic reforms, including the removal of fuel subsidies and the devaluation of the naira, which have enhanced revenue generation and fiscal health.

Inflationary Challenges and Policy Responses

Despite these advancements, Nigeria faces ongoing inflationary pressures.The inflation rate rose for the fourth consecutive month in December, reaching 34.8% annually, driven by increased demand during the festive season and rising food prices.The administration acknowledges these challenges and is implementing measures to mitigate the impact on citizens.

The World Bank has recognized Nigeria's positive outcomes from major policy reforms initiated after approaching a fiscal crisis in 2020.The elimination of an implicit forex subsidy has notably boosted revenues, contributing to economic growth projections of 3.3% in 2024 and 3.6% by 2025.






Minister Bagudu reaffirmed the administration's dedication to sustaining these reforms, stating, "President Bola Tinubu has steered the economy in the right direction, and we are determined to stay the course.

As Nigeria navigates its economic recovery, the government's focus remains on implementing policies that foster sustainable growth, reduce inflation, and improve the overall quality of life for its citizens.

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