Minister of Budget and Economic Planning, Senator Abubakar Bagudu said Nigeria’s economy is witnessing a significant turnaround, driven by bold reforms, improved coordination and a renewed focus on national priorities.
In an interview for an upcoming documentary marking President Bola Tinubu’s second anniversary, Bagudu said the government’s ‘Renewed Hope Agenda’ is working and winning over investors at home and abroad.
Bagudu said “This is two years well spent, reaffirming government’s commitment to economic reforms.
“Mr President confronted Nigeria’s economic realities with bold and necessary choices – tough as they might be – and those measures are now yielding results,” Bagudu said.
He added that the reform-driven economy had seen four consecutive quarters of GDP growth, exchange rate stability and a resurgence in private sector confidence.
According to him, rating agencies have consistently appreciated the efforts of government.
He stated that foreign and domestic investors had responded positively to 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,” the minister said..
Bagudu added that this renewed interest stems from the administration’s commitment to credibility, transparency and structural change.
“Investors want to see good policy – can I get paid back? Are the numbers credible? Is the environment transparent? That is why they appreciate when they see quarterly GDP growth.
“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,” he said.
Bagudu described removing fuel subsidy and unifying the foreign exchange market as transformative decisions restoring fiscal sanity.
“We were losing five percent of our GDP on fuel subsidy – money going to just a few. Mr President took the courageous step to end it.
“The foreign exchange reform removed uncertainty and favouritism. We now have a fair market – willing buyer, willing seller – which has generated revenue growth and boosted private sector confidence,” he said.
Bagudu said the 2024 and 2025 budgets balanced fiscal responsibility and strategic investment in priority sectors.
“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 – and the markets believed us,” the minister noted.
He emphasised Tinubu’s respect for the rule of law, even in managing inherited debt and Central Bank financing.
He said the president inherited ₦22.7 trillion in Ways and Means financing, but he insisted on respecting the Central Bank’s independence, and that the discipline was earning the country credibility globally.
He credited the Presidential Economic Coordination Council and the Economic Management Team – led by President Tinubu and Mr Wale Edun, Coordinating Minister for the Economy – with 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 – the private sector is part of this reform effort,” said Bagudu.
While acknowledging that the reforms may feel challenging in the short term, Bagudu likened the process to a necessary fitness regimen.
“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 is not just economic reform – it is a moral responsibility,” Bagudu stated. NAN
