President Bola Tinubu’s economic reforms have started bearing fruits, the Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has said, pointing out that the measures have restored faith in the country’s economy.

“The reforms have restored confidence in the economy,” the minister told the Nigerian Television Authority in an interview monitored at the weekend and explained that foreign investors had resurgent interest in Nigeria.

He said that although the removal of the petrol subsidy had caused some pain, the policy had increased the quantum of funds available to the three tiers of government to invest in critical infrastructure that would regenerate the economy, adding that before May 29, 2023, the finances of the government were fragile.

“The payment of subsidies affected the quantum of revenue available to all the layers of government so much so that the economy was at a standstill,” Bagudu stated, adding: “The reform measures that were taken were in tandem with the Renewed Hope Agenda and the eight priority areas of the Tinubu administration to regenerate confidence in the economy and provide resources to invest in the productive sector.”

Saying both objectives of the reforms had been achieved, the minister pointed out that government at all levels, federal, state and local government, had acquired more capacity to support the economy.

According to him, “The FG has expanded social investment support to ensure that those who are at the lower end of the income strata of the society, who are affected by the reforms are helped to cope. All the sectors that will enable the gains to be achieved, including agriculture, infrastructure and security have seen more funding. Sectors that are investing in them will secure our future like education, health and social investment have received not only increased budgetary allocation but also speedy implementation.”

He explained that programmes were also introduced to support the sectors so that manufacturing activities could resume and agricultural activity could be better supported on a more sustainable basis. Bagudu said part of the steps that were taken to boost employment was the provision of mortgage funds to regenerate the mortgage sector so that activities in the sector could increase.

He commended the collaboration between the Central Bank of Nigeria (CBN) and the Office of the National Security Adviser to rein in currency speculators and manipulators and observed that it had shored up the value of the national currency. The minister pleaded with Nigerians to persevere, saying the president had persistently empathised with them.

“We must take note that President Tinubu has empathised with the people and assured them that the reforms were not intended to inflict pain on them but that they were necessary measures to reposition the economy,” he said.

The minister pleaded with Nigerians to persevere, saying the president had persistently empathised with them.

yarimo:
Nigerians are just lucky and happy to have TINUBU as president

The U.S. Justice Department had been trying to seize four investment portfolios held in trust for Abubakar Bagudu, a former governor of Kebbi State, and his family since 2013. In August 2023, President Bola Tinubu appointed Bagudu as minister despite the money laundering allegations against him.

The U.S. has accused the minister of being part of a network controlled by former military dictator Sani Abacha that misappropriated public funds to the tune of billions of dollars in the 1990s, siphoning the money out of the country via a network of offshore companies..

In January 2024, the U.S. conveyed its willingness to resolve the lawsuit filed against returning Abacha loot, signalling the potential transfer of yet another $30 million to Tinubu’s controversial minister.

yarimo:
Nigerians are just lucky and happy to have TINUBU as president

yarimo:
Nigerians are just lucky and happy to have TINUBU as president

ClearFlair:


Yes, those who think upside down are very happy

yarimo:
bitterness 😅🤣🤣🤣

EmperorCaesar:
Like Bagudu, if u can't see it, then your mind eye is blind

The future looks promising
We couldn't have had a better President at this time

yarimo:
Nigerians are just lucky and happy to have TINUBU as president

yarimo:
Nigerians are just lucky and happy to have TINUBU as president