By Jemimah Wellington, JKNewsMedia Reporter
BOLD CHOICES underpin Nigeria’s economic recovery as the nation records four successive quarters of growth, currency stability, and revived investor enthusiasm, as stated by the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu.
He revealed this in a feature interview for an upcoming television documentary marking the second anniversary of President Bola Ahmed Tinubu’s administration.
Describing the reforms as “two years well spent,” Bagudu affirmed that the President’s economic decisions—though tough—have begun delivering measurable outcomes.
He cited improvements in GDP, investor sentiment, and market stability as evidence of the Renewed Hope Agenda’s impact.
President Tinubu, Bagudu said, had the political courage to tackle Nigeria’s economic challenges directly, removing the long-standing fuel subsidy and unifying the foreign exchange market—moves the Minister called transformative and necessary for restoring fiscal integrity.
Private capital, both foreign and domestic, is flowing back into critical sectors such as agriculture, energy, and infrastructure.
Bagudu also highlighted investment interest from Brazil, Belarus, and Saudi Arabia, praising the administration’s commitment to transparency and credibility.
“Investors want to see credible numbers, a transparent environment, and sound policy. That’s what we’re delivering,” he said.
He also pointed to landmark developments such as Nigeria refining oil domestically for the first time in 25 years and allowing crude sales in naira, describing them as symbols of economic self-belief and national transformation.
The removal of the fuel subsidy, which was draining 5% of GDP, has helped redirect funds toward essential services. Meanwhile, foreign exchange reforms have stabilised the market and ended favouritism, fostering greater confidence in Nigeria’s economic direction.
Bagudu said the 2024 and 2025 budgets reflect strategic investment in national priorities—healthcare, education, infrastructure, security, and technology—while maintaining fiscal discipline.
The 2024 budget significantly cut the deficit, a move that reassured markets and international observers, he also stated.
Respect for institutional independence has also played a role, he said.
He disclosed that President Tinubu inherited ₦22.7 trillion in Central Bank financing debt but insisted on upholding the Bank’s autonomy, which Bagudu said is earning Nigeria international credibility.
He credited the Presidential Economic Coordination Council and the Economic Management Team, led by Coordinating Minister Wale Edun, for fostering unified, private-sector-inclusive governance.
“The President is the chief coordinator. He gets the global picture, and the private sector respects that.”
Drawing an analogy to physical training, Bagudu said the reforms might be painful now, but they are building the muscles of a stronger future. “Mr President is ready to take the pain, so our children and grandchildren inherit a more prosperous Nigeria. This isn’t just economic reform—it’s a moral responsibility.”
