The Minister of Budget and Economic Planning, Senator Abubakar, has acknowledged the effectiveness of President Bola Ahmed Tinubu’s rigorous measures, stating that they are yielding positive results.Â
Bola Adebiyi, Special Assistant on Media, relayed the minister’s statement, highlighting a renewed interest from foreign investors in Nigeria.
Despite the initial challenges posed by the removal of petrol subsidies, the policy has resulted in increased funds available for critical infrastructure investment across all levels of government.
This investment in infrastructure is expected to revitalize the economy, which was in a fragile state before May 29, 2023.
The subsidy payments had significantly constrained government revenue, leading to economic stagnation. These reforms are in line with the Renewed Hope Agenda and the Tinubu administration’s focus on eight priority areas, aimed at restoring economic confidence and funding the productive sector.
Bagudu affirmed that the reforms have successfully empowered federal, state, and local governments to support economic growth. The Federal Government has expanded social investment initiatives to assist those adversely affected by the reforms, while key sectors such as agriculture, infrastructure, and security have received increased funding.
Efforts have also been made to stimulate employment by revitalizing the mortgage sector and curbing currency speculation through collaboration between the Central Bank of Nigeria and the Office of the National Security Adviser, thereby stabilizing the value of the naira.
The minister urged Nigerians to persevere, underscoring President Tinubu’s empathy and assurance that the reforms are aimed at repositioning the economy rather than inflicting undue hardship.
