By Kazeem Ugbodaga
Nigeria’s economy is experiencing a decisive turnaround driven by “bold reforms, improved coordination, and a renewed focus on national priorities,” the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, told reporters on Wednesday.
Speaking ahead of a TV documentary to mark President Bola Ahmed Tinubu’s second anniversary in office, Bagudu credited the administration’s “Renewed Hope Agenda” with restoring investor confidence at home and abroad.
“This is two years well spent,” he declared. “Mr. President confronted Nigeria’s economic realities with bold and necessary choices—tough as they might be—and those measures are now yielding results.”
Four Quarters of Growth
Bagudu highlighted that the economy has posted four consecutive quarters of GDP growth alongside exchange‑rate stability.
“We have seen successive economic growth, stability in foreign exchange, and appreciation by Nigerians and the international community. Rating agencies have consistently appreciated what we are doing,” he said.
Surge in Investment
Foreign and domestic investors, he noted, have flocked to key sectors—particularly agriculture, energy, and infrastructure.
“Investors from Brazil, Belarus, and Saudi Arabia are increasingly entering our agricultural space. The world economic community and multilateral institutions are putting more faith in our economy,” Bagudu said.
He attributed this surge to transparent policies and credible statistics. “Investors want to see good policy—can I get paid back? Are the numbers credible? Is the environment transparent? That’s why they appreciate when they see quarterly GDP growth.”
Transformative Decisions
Among Tinubu’s landmark reforms, Bagudu cited the removal of fuel subsidies—previously costing 5 percent of GDP—and the unification of the foreign exchange market.
“We now have a fair market—willing buyer, willing seller—which has generated revenue growth and boosted private‑sector confidence,” he explained.
He also lauded the President’s decision to sell crude in naira to domestic refiners—a first in 25 years—and his respect for Central Bank independence.
“Mr. President inherited ₦22.7 trillion in Ways and Means financing, but he insisted on respecting the Central Bank’s autonomy. That discipline is earning us credibility globally.”
Fiscal Discipline and Teamwork
Bagudu pointed to balanced budgets in 2024 and 2025 that reduced deficits while boosting spending in health, education, infrastructure, and security.
He praised the Presidential Economic Coordination Council and the Economic Management Team, led by Tinubu and Coordinating Minister Wale Edun, for ensuring coherent, results‑driven governance.
“Our economy is like a body going to the gym. It might feel painful now, but the muscles of progress are forming,” Bagudu concluded. “This isn’t just economic reform—it’s a moral responsibility to our children and grandchildren.”
