Nigeria’s Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, has affirmed that the country’s economy is experiencing a notable recovery, driven by bold reforms, improved policy coordination, and a renewed focus on national priorities. Speaking in a documentary interview commemorating President Bola Ahmed Tinubu’s second year in office, Bagudu highlighted the progress made under the administration’s “Renewed Hope Agenda”.
“This is two years well spent,” he stated with conviction, underlining the government’s firm stance on economic reforms. He credited the President for taking decisive action to address Nigeria’s economic challenges, decisions he admitted were tough but necessary, and which are now showing positive outcomes.
According to Bagudu, the Nigerian economy has achieved four successive quarters of GDP growth, alongside stabilisation of the exchange rate and renewed confidence from the private sector. He noted that these improvements have drawn positive recognition from both Nigerians and international observers, including global credit rating agencies.
Bagudu also observed a marked increase in investor interest, particularly in sectors such as agriculture, energy, and infrastructure. He attributed this renewed confidence to the administration’s commitment to credible policies, transparency, and structural changes.
“For the first time in 25 years, Nigeria is refining oil,” he pointed out, highlighting President Tinubu’s decision to permit crude oil sales in naira to local refiners. He called this a bold move that reflects confidence in the domestic economy.
The Minister emphasised that these reforms have created an environment that reassures investors of their returns and the reliability of Nigeria’s financial data. He added that the involvement of investors from countries like Brazil, Belarus, and Saudi Arabia in Nigeria’s agricultural sector is a clear endorsement of the government’s efforts.
Describing the removal of fuel subsidies and the unification of the foreign exchange market as pivotal policy shifts, Bagudu argued that these decisions have restored fiscal discipline. He noted that subsidies were consuming around five percent of GDP, benefiting only a few, while the new foreign exchange policy has eliminated favouritism and introduced a more transparent, market-driven system.
Bagudu further explained that the 2024 and 2025 national budgets are carefully structured to maintain fiscal responsibility while prioritising investment in key sectors such as healthcare, education, security, infrastructure, and technology. He said the 2024 budget notably reduced the fiscal deficit, a development that was well received by financial markets.
He commended President Tinubu for his respect for institutional integrity, particularly in handling inherited debts. Bagudu cited the President’s commitment to preserving the independence of the Central Bank, especially concerning the ₦22.7 trillion in Ways and Means financing.
Highlighting the role of the Presidential Economic Coordination Council and the Economic Management Team, Bagudu said their leadership—under the guidance of President Tinubu and Coordinating Minister Wale Edun—ensures that reforms are strategic and inclusive, incorporating both public and private sector insights.
He likened Nigeria’s economic reform process to a fitness journey, acknowledging the initial discomfort but stressing that the long-term gains will be substantial. According to him, President Tinubu is prepared to endure the current challenges so that future generations can inherit a more robust and prosperous nation.