Despite current economic hardships, Nigeria’s economy is on the mend, according to Minister Atiku Bagudu. He credits President Bola Tinubu’s bold reforms for the gradual recovery. Key changes include the elimination of costly subsidies, which have helped to free up resources for critical sectors. Bagudu and Aminu Suleiman express confidence in a more favorable economic future and increased investor interest in Nigeria.
Nigeria’s economy continues to show signs of growth, even as the nation grapples with short-term challenges, according to the Minister of Budget and Economic Planning, Senator Atiku Bagudu. He attributes this progress largely to President Bola Tinubu’s “bold reforms” initiated over the past two years, which he believes are paving the way for a sustainable economic recovery.
Following a visit to Tinubu at his Lagos residence on Saturday night, both Bagudu and Aminu Suleiman from the newly formed North West Development Commission expressed optimism regarding the nation’s economic trajectory. Bagudu remarked, “We’re not where we want to be but these steps have turned the economy in the right direction.”
A key component of these reforms, as highlighted by Bagudu, has been the ending of costly subsidies for fuel, electricity, and foreign exchanges. He emphasized that these changes were necessary, stating, “Decades of underinvestment brought Nigeria to a point where even paying salaries was difficult.” By eliminating these subsidies, the government was able to reallocate funds, resulting in nearly tripled resources available for various state and local governments.
These funds are being funneled into crucial sectors like infrastructure, agriculture, and digital innovation. In his comments, Bagudu assured, “These are not abstract promises. We are seeing real allocations going to security, education, and economic empowerment.”
Investor confidence is reportedly on the rise due to the Tinubu administration’s actions. “One of the greatest differentiators between developed and developing countries is the level of investment, both public and private,” Bagudu noted, mentioning a resurgence of private capital in Nigeria. He remarked that foreign investors are increasingly recognizing the commitment of the Tinubu government. “They see a government that’s making tough but necessary choices,” he added.
Reflecting on the political landscape, Bagudu also pointed to an increase in opposition politicians joining the All Progressives Congress (APC). He interpreted this movement as a vote of confidence in Tinubu’s leadership. “They’ve stated publicly why they joined, because of the sincerity and direction of this leadership,” he explained.
At the same event, Suleiman echoed Bagudu’s sentiments. He praised Tinubu’s administration, claiming that his first two years have been more impactful than the previous administration’s eight-year tenure. “Given the full privilege of a four-year term, I am confident he will transform Nigeria,” Suleiman stated.
In this context, Suleiman highlighted the vital inclusion of the North West region in Tinubu’s long-term development strategy. He expressed hope that similar transformations established in Lagos under Tinubu’s previous governance would be carried out nationwide.
“Let us be patient. The foundation being laid is solid. With time, we will all see the results,” Suleiman said, calling on Nigerians to foster trust in the current leadership’s vision. As the country observes Eid celebrations, the administration is taking steps to confront the economic challenges head-on as it positions itself for future success.
In summary, both Bagudu and Suleiman are optimistic about Nigeria’s economic recovery driven by significant reforms under President Tinubu. They argue that the elimination of subsidies has liberated resources for essential sectors, promising a boost in investor confidence. With ongoing political shifts towards Tinubu’s leadership, the officials urge Nigerians to be patient as they believe solid foundations are being put in place for a brighter future.
Original Source: punchng.com
