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.

Comments

Post a Comment

Popular posts from this blog

George Lowe, Legendary Voice of Space Ghost, Dies at 67

Image
  George Lowe, Legendary Voice of Space Ghost, Dies at 67 March 2, 2025 – The entertainment world mourns the loss of George Lowe , the beloved voice actor best known for bringing Space Ghost to life. Lowe passed away at the age of 67 after a long illness, leaving behind a remarkable legacy in animation and voice acting. His longtime friend, Marvin , confirmed the heartbreaking news, describing Lowe as "a supremely talented artist and the funniest man on Earth." Born November 10, 1957 , in Dunedin, Florida , George Edward Lowe discovered his passion for broadcasting at an early age. By 15 , he had already landed his first job at WWJB in Brooksville, Florida . After graduating from Hernando High School in 1975 , Lowe honed his craft at the Radio Engineering Institute of Sarasota and Pasco-Hernando Community College , laying the foundation for a stellar career. His commanding voice and natural wit made him a standout in radio, but fate had bigger plans—television animati...
Read more

The Runway King: How KWAM 1’s Airport Meltdown Exposed Nigeria’s Toxic Big Man Culture

Image
  The Runway King: How KWAM 1’s Airport Meltdown Exposed Nigeria’s Toxic Big Man Culture On August 5, 2025, at Abuja’s Nnamdi Azikiwe International Airport, a small moment became a big reckoning. King Wasiu Ayinde Marshal — KWAM 1, the legendary Fuji musician — breached aviation safety rules during boarding. It wasn’t just a celebrity tantrum. It was a perfect, high-definition snapshot of Nigeria’s most corrosive cultural disease: the “Big Man syndrome” — the belief that wealth, age, and status entitle one to suspend rules, humiliate others, and escape consequence. A Colonial Legacy Turned Cultural Code Big Man syndrome isn’t new. Its DNA comes from Nigeria’s colonial past, where British rule deliberately elevated certain traditional rulers and wealthy collaborators above the law to cheaply manage the colony. The result: a baked-in hierarchy where some people existed outside the reach of accountability. Independence didn’t kill it — it expanded it. Oil wealth, military cou...
Read more