Nigeria’s Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, says the country is experiencing a positive economic shift driven by deliberate policy changes and a stronger governance focus.
In a statement issued on Wednesday by Bayo Onanuga, Special Adviser to President Bola Ahmed Tinubu on Information and Strategy, Bagudu’s remarks came as part of an interview for a forthcoming television documentary marking the President’s second year in office.
Describing the past two years as impactful, the Minister said the Tinubu-led administration had taken difficult but necessary steps to tackle Nigeria’s economic challenges head-on, and those efforts are now yielding measurable results.
Bagudu pointed to four consecutive quarters of economic growth, improved exchange rate stability, and renewed confidence from both local and international investors as indicators of progress.
He cited increased investor interest in key sectors such as agriculture, energy, and infrastructure, noting that Nigeria is attracting capital from countries like Brazil, Belarus, and Saudi Arabia.
“These developments reflect our commitment to credible governance and openness. Investors respond to clarity in policy and transparency in execution. That’s what we’re offering,” Bagudu stated.
One of the most notable developments, he said, is the local refining of crude oil for the first time in over two decades. Bagudu credited President Tinubu for allowing refiners to purchase crude in naira, describing the move as a strong signal of economic belief in the local market.
He further outlined the impact of removing fuel subsidies and unifying the foreign exchange market, saying both actions have restored financial discipline and improved revenue flows.
“The subsidy was draining national resources. Removing it was a necessary step. Similarly, the foreign exchange reform has introduced fairness and reduced uncertainty in the market,” he explained.
Bagudu said the 2024 and 2025 federal budgets reflect a deliberate shift toward disciplined spending and targeted investments in health, education, security, infrastructure, and digital development.
He noted that reducing the fiscal deficit in the 2024 budget sent a strong message of seriousness to investors and credit agencies.
The Minister also highlighted President Tinubu’s commitment to legal and financial integrity, particularly in managing inherited debt and ensuring the autonomy of the Central Bank.
“Even with the ₦22.7 trillion Ways and Means burden, Mr President has chosen to uphold financial prudence and institutional independence. That kind of discipline builds global trust,” he said.
Bagudu praised the coordination efforts between the Presidential Economic Coordination Council and the Economic Management Team, both under the leadership of President Tinubu and Coordinating Minister Wale Edun, for maintaining policy clarity and encouraging private sector participation.
He acknowledged the short-term discomfort many Nigerians may feel but likened the reform process to necessary physical training.
