Nigeria’s Economy Growing Despite Short-Term Pain – Bagudu

Nigeria’s economy is showing signs of growth despite current challenges, according to Minister Atiku Bagudu. He credits President Tinubu’s reforms over the past two years, which include the removal of fuel and utility subsidies. This has allowed for increased funding in vital sectors. Both Bagudu and NWDC member Suleiman urge patience from citizens, believing that a solid foundation is being built for future progress. Opposition politicians shifting allegiance to the APC is viewed as an endorsement of Tinubu’s leadership.

Senator Atiku Bagudu, Nigeria’s Minister of Budget and Economic Planning, recently stressed that President Bola Tinubu’s bold reforms from the past two years are crucial in steering the economy towards lasting recovery and growth, despite the short-term struggles citizens are facing. During remarks made after visiting Tinubu at his Lagos residence along with Aminu Suleiman, a member of the newly formed North West Development Commission, both officials urged Nigerians to remain patient as they believe the administration’s initiatives will bear fruit.

Bagudu pointed out that Nigeria is beginning to witness the positive impacts of necessary economic changes. “We’re not where we want to be but these steps have turned the economy in the right direction,” he affirmed. He highlighted the importance of the administration’s choice to eliminate costly subsidies for fuel, foreign exchange, and electricity, which he deems as a transformative decision necessary for economic recovery.

The minister provided that prior underinvestment had left Nigeria in dire financial straits, even affecting salary payments, but cutting the subsidies has enabled significant reallocations of resources. “By cutting these subsidies, we freed up resources. Today, subnational governments, states and local governments have nearly tripled the funds they had before,” Bagudu explained. He added that these funds are now directed to critical sectors such as infrastructure, agriculture, digital innovation, and human capital development.

“These are not abstract promises. We are seeing real allocations going to security, education, and economic empowerment,” Bagudu asserted. He also mentioned that there has been a noticeable uptick in investor confidence, which is critical for economic viability.

“One of the greatest differentiators between developed and developing countries is the level of investment—both public and private. We are now correcting years of neglect,” he noted. Investors, both domestically and internationally, are reportedly starting to take Nigeria seriously again due to the government’s commitment to making difficult yet necessary choices.

On the growing number of opposition leaders joining the All Progressives Congress (APC), including governors from Delta and Akwa Ibom states, Bagudu interpreted this shift as a sign of trust in Tinubu’s leadership. “They’ve stated publicly why they joined, because of the sincerity and direction of this leadership. That’s not politics. That’s belief in a future that is being built with courage and vision,” he said on Saturday night.

As the nation celebrates Eid and the second anniversary of the Tinubu administration, he remains confident that, despite current challenges, reforms are taking hold and investment opportunities are increasing. Additionally, Suleiman echoed these sentiments, stating that Tinubu’s two years in office have already surpassed the achievements of the previous eight years under former President Muhammadu Buhari.

Suleiman praised the inclusion of the North West region in Tinubu’s development agenda, remarking on its significance as the most populous region in the North. He expressed optimism for the future, urging Nigerians to be patient and trust in the ongoing leadership. “With time, we will all see the results,” he concluded, highlighting the potential for transformative changes across Nigeria similar to those witnessed in Tinubu’s previous governance in Lagos.

In summary, Minister Atiku Bagudu and NWDC member Aminu Suleiman both expressed confidence in the ongoing reforms under President Bola Tinubu, asserting that the foundational changes currently being implemented will lead to economic recovery and growth in Nigeria. They emphasized the importance of patience among the citizenry as the government continues to showcase transformative initiatives aimed at fostering investment and improving critical sectors. As opposition politicians join the ruling party, it may signify an emerging trust in the direction of the administration and its strategies for national development.

Original Source: punchng.com