*Senator Abubakar Atiku Bagudu, Minister for Budget and Economic Planning, says the turnaround in the Nigerian economy is driven by the current administration’s bold reforms, improved coordination, and a renewed focus on national priorities

Isola Moses | 绿帽献妻

Senator Abubakar Atiku Bagudu, Honourable Minister for Budget and Economic Planning, has said the Nigerian economy is currently witnessing a significant turnaround.

Senator Bagudu, a former Governor of Kebbi State, who said this during an interview for an upcoming TV documentary marking President Bola Ahmed Tinubu’s second anniversary, affirmed the turnaround in the economy is driven by bold reforms, improved coordination, and a renewed focus on national priorities.

The Minister also declared that the government’s “Renewed Hope Agenda” is working and winning over investors at home and abroad.

He explained: “This is two years well spent,” Bagudu confidently stated, reaffirming the government’s commitment to the economic reforms.

“Mr. President confronted Nigeria’s economic realities with bold and necessary choices鈥攖ough as they might be鈥攁nd those measures are now yielding results.”

Bagudu as well noted that the reform-driven economy has seen four consecutive quarters of Gross Domestic Product (GDP) growth, exchange rate stability, and a resurgence in private sector confidence.

He stated: “We have seen four quarters of successive economic growth, stability in Foreign Exchange, and appreciation by Nigerians and the international community. Rating agencies have consistently appreciated what we are doing.”

According to him, foreign and domestic investors have responded positively to the government’s economic agenda, particularly agriculture, energy, and infrastructure.

“We have seen investors from Brazil, Belarus, and Saudi Arabia increasingly entering our agricultural space.

“The world economic community and multilateral institutions are putting more faith in our economy,” stated the Minister.

Bagudu, a former Governor of Kebbi State, averred that the renewed interest stemmed from the administration’s commitment to credibility, transparency, and structural change.

He asserted: “Investors want to see good policy鈥攃an I get paid back? Are the numbers credible? Is the environment transparent?

“That’s why they appreciate when they see quarterly GDP growth.”

He also explained: “For the first time in 25 years, Nigeria is refining oil. Mr President was courageous enough to allow crude sale in naira to our refiners.

“This is a testament to his belief in our economy.”

Bagudu, therefore, described removing fuel subsidies and unifying the foreign exchange market as transformative decisions restoring fiscal sanity.

The Minister recalled: “We were losing 5% of our GDP on fuel subsidy鈥攎oney going to just a few.

“Mr. President took the courageous step to end it.”

He equally noted: “The foreign exchange reform removed uncertainty and favouritism.

“We now have a fair market鈥攚illing buyer, willing seller鈥攚hich has generated revenue growth and boosted private sector confidence.”

Mr. Bayo Onanuga, Special Adviser to the President on Information and聽 Strategy, Wednesday, May 14, 2025, stated Bagudu said the 2024 and 2025 budgets balance fiscal responsibility and strategic investment in priority sectors.

The Minister stated: “We have increased spending in health, education, infrastructure, security, and technology.

“The 2024 budget achieved significant deficit reduction, and more importantly, it showed that we are serious鈥攁nd the markets believed us.”

On inherited debt and CBN financing

Senator Bagudu emphasised President Bola Ahmed Tinubu’s respect for the rule of law, even in managing inherited debt and Central Bank financing.

He said: “Mr. President inherited N22.7 trillion in Ways and Means financing, but he insisted on respecting the Central Bank’s independence. “That discipline is earning us credibility globally.”

The Minister credited the Presidential Economic Coordination Council and the Economic Management Team鈥攍ed by President Tinubu and Coordinating Minister for the Economy, Wale Edun鈥攚ith ensuring coherent, results-driven governance.

“This is teamwork. The President is the chief coordinator.

“He understands the global economic context, and the private sector respects him.

“We’re not just doing government-to-government coordination鈥攖he private sector is part of this reform effort.”

Acknowledging that the reforms may feel challenging in the short term, Bagudu likened the process to a necessary fitness regimen.

The Minister highlighted it this way: “Our economy is like a body going to the gym. It might feel painful now, but the muscles of progress are forming.

“Mr. President is saying: ‘I’m ready to take the pain so our children and grandchildren will inherit a more prosperous Nigeria.’ “This isn’t just economic reform鈥攊t’s a moral responsibility.”

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