Senator Abubakar Bagudu, the Minister of Budget and Economic Planning, defended President Bola Tinubu’s economic policies during a statement to the National Assembly Joint Committees on National Planning in Abuja. He emphasized that the administration’s economic reforms were working and the country’s economy was on the path to recovery.Seyi Vibez Goes Blonde & Bold with a Fresh Look for 2025 _ See Photos
Bagudu affirmed that under President Tinubu’s leadership, the economy had improved significantly, highlighting a GDP growth of over 3% for three consecutive quarters, compared to industrialized countries with less than 1% growth. He attributed this progress to the administration’s reforms, which included addressing underinvestment and the positive impact of the Renewed Hope Agenda Strategy.
He also pointed to key successes such as the reduction of the budget deficit and the decline in ways and means borrowing beyond legal limits, from over 6.1% in 2023 to under 4% in 2024. Bagudu highlighted the positive feedback from global business leaders and rating agencies, acknowledging the reforms’ effectiveness.
Furthermore, he reassured legislators that the Tinubu administration would continue to finance economic development through innovative measures, especially by developing key sectors like petroleum, solid minerals, and the creative industries. He also emphasized the importance of the National Assembly’s support in implementing these reforms and driving forward the government’s economic plans, including generating funds for critical infrastructure projects.
In terms of government finances, Bagudu stated that allocations to states and local governments were increasing, largely due to the elimination of fuel and forex subsidies, and he stressed that this increase would be sustained.