As Nigeria marks two years under President Bola Tinubu’s administration, the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, has stated that while the country’s economic goals are not yet fully achieved, significant progress has been made to steer the economy back on track.
During a visit to President Tinubu at his Lagos residence on June 8, 2025, Bagudu acknowledged ongoing challenges but emphasised that key policy reforms introduced by the administration have already begun to yield positive results.
He pointed to the removal of long-standing subsidies on fuel, electricity, and foreign exchange as a major step toward restoring fiscal balance. According to Bagudu, these decisions were difficult but necessary to free up national resources and redirect them toward sustainable development.
Bagudu noted that as a result of these reforms, state and local governments have experienced a substantial increase in revenue, up to three times what they previously received.
These additional funds are being used to invest in critical areas such as security, education, infrastructure, agriculture, technology, and human capital development.
He also highlighted renewed investor confidence in Nigeria’s economy, attributing it to efforts in stabilising exchange rates, improving fiscal transparency, and eliminating policy distortions.
He said investors now view Nigeria as a serious economic partner due to the bold steps taken by the current administration.
Bagudu described the recovery process as foundational, comparing it to building a house from the ground up. He praised President Tinubu for confronting long-ignored structural issues and for being transparent with the public about the country’s economic situation.
He also mentioned recent political developments, including defections of opposition leaders to the ruling party, as signs of growing confidence in the administration’s direction.
Mallam Aminu Suleiman of the North West Development Commission echoed Bagudu’s sentiments, stating that the administration has achieved more in two years than some previous ones did in eight.
Bagudu concluded by urging Nigerians to remain patient and supportive as the government continues implementing reforms that, over time, are expected to deliver lasting improvements in economic stability and national development.
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cc: Daily Post Ng
