Senator Abubakar Bagudu, Minister of Budget and Economic Planning, stated on Tuesday that President Bola Tinubu had led the economy in the correct path and was committed to continuing in that route.
In a statement to the press, this was disclosed.
The minister addressed the National Assembly Joint Committees on National Planning in Abuja during the defense of his ministry’s financial projections.
He said that the economy was headed toward a complete recovery and that the economic changes implemented by the Tinubu administration were effective.
“President Bola Tinubu has steered the economy in the right direction, and we are determined to stay the course,” Bagudu told the federal legislators, led by Senator Yahaya Abdullahi and Isiaka Ibrahim.
“Under the leadership of President Bola Tinubu, and with your support, our economy has turned the bend and is facing the right direction. The Renewed Hope Agenda Strategy of once and for all confronting our decades of underinvestment is working, and the positive trajectory is being sustained,” he said.
He noted that GDP growth of over 3% for three consecutive quarters, as opposed to less than 1% in developed nations, demonstrated the administration’s measures’ growingly beneficial effects.
Bagudu stated additional positive effects, such as the economy’s recovery, the decrease of the deficit, and the decline in the use of illegal means, which he said rating agencies and world business leaders had recognized, from over 6.1% in 2023 to less than 4% in 2024.
“The reform strategy has enhanced the liquidity of the sub-nationals: States and Local Governments. FAAC allocations to all tiers of Government are on the increase. With the elimination of FOREX and fuel subsidies, among other reforms, the increase shall be sustained,” he told the legislators.
The minister gave the lawmakers his word that the Tinubu administration would use creative financing and line budget allocation to raise the money needed to fund the financial objectives for 2025.
He clarified that President Tinubu has given the solid mineral, petroleum, and creative industries sectors the task of realizing their full potential.
Bagudu emphasized that his ministry, which he claimed was the main promoter of Tinubu’s Renewed Hope Agenda and Agenda 2050 strategies, would put creative financing measures into place with the support of the National Assembly in order to boost economic activity and produce significant income to support ongoing critical infrastructures.