Tinubu’s bold reforms turning economy around despite short-term pain – Budget Minister

The Minister of Budget and Economic Planning, Senator Atiku Bagudu, has hailed President Bola Tinubu’s economic reforms as bold and necessary measures that have begun to set Nigeria’s economy on a path of sustainable recovery and long-term growth.

Speaking to State House Correspondents after a courtesy visit to President Tinubu at his Lagos residence over the weekend, Bagudu emphasized that while the economic transition has caused temporary hardship, the structural changes being implemented are yielding positive results.

“We’re not where we want to be, but these steps have turned the economy in the right direction,” the minister said, highlighting the administration’s resolve in eliminating fuel, foreign exchange, and electricity subsidies.

Bagudu noted that these long-overdue reforms have freed up significant financial resources, enabling better fiscal conditions for all levels of government.

“Decades of underinvestment brought Nigeria to a point where even paying salaries was difficult. By cutting these subsidies, we freed up resources. 

Today, subnational governments, states and local governments have nearly tripled the funds they had before. That’s transformative,” he said.

He explained that the additional funds are being directed into critical sectors such as infrastructure, agriculture, digital innovation, consumer credit, and human capital development. 

“These are not abstract promises. We are seeing real allocations going to security, education, and economic empowerment,” Bagudu added.

The minister also pointed to a growing resurgence of investor confidence, crediting the administration’s decisive actions for attracting both domestic and foreign private capital.

“There is a visible return of private capital. Investors are taking Nigeria seriously again. They see a government that’s making tough but necessary choices,” Bagudu stated.

He likened the administration’s current efforts to laying the unseen but vital foundation of a building. 

“When someone starts by filling the hole under a house, you might think they’ve done nothing because you don’t yet see the walls. But President Tinubu has been honest. 

He said from the start: we’re in a hole, not because we want to blame the past, but because critical decisions were delayed for too long,” he said.

The minister expressed confidence that the sacrifices being made now would soon translate into a more resilient and prosperous Nigerian economy.