Tinubu’s Economic Reforms Showing Positive Results – Bagudu

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Abuja, May 17, 2024 – President Bola Tinubu’s economic reforms have begun to bear fruit, according to the Minister of Budget and Economic Planning, Senator Abubakar Bagudu. Speaking to newsmen in Abuja on Friday, Bagudu highlighted the renewed faith in Nigeria’s economy and the resurgence of foreign investor interest as key indicators of the reforms’ success.

In a statement issued by his Special Assistant on Media, Bola Adebiyi, Bagudu acknowledged the initial challenges posed by the removal of the petrol subsidy but emphasized the long-term benefits. “Although the removal of petrol subsidy caused some pain, the policy has increased the quantum of funds available to the three tiers of government to invest in critical infrastructure,” Bagudu stated. He argued that these investments would ultimately regenerate the economy.

Prior to the reforms, the government’s finances were described as fragile, with subsidy payments significantly depleting revenue across federal, state, and local levels. This situation, according to Bagudu, had left the economy stagnant. The reform measures align with the Renewed Hope Agenda and the eight priority areas of the Tinubu administration, aiming to restore confidence in the economy and provide necessary resources for investment in productive sectors.

See Also: NLC: Tinubu Has Declared War on the Masses with Anti-Poor Policies

Bagudu noted that both primary objectives of the reforms have been achieved. The increased capacity of federal, state, and local governments to support the economy has been one of the key outcomes. He also mentioned the expansion of social investment support to help those at the lower end of society cope with the changes.

“Sectors vital to economic recovery, including agriculture, infrastructure, and security, have seen increased funding,” Bagudu explained. “Additionally, education, health, and social investment programs have received boosted budgetary allocations to secure our future.”

He also highlighted the introduction of programs designed to revitalize manufacturing and agricultural activities on a more sustainable basis. Among these measures, the provision of mortgage funds aims to rejuvenate the mortgage sector, enhancing employment opportunities.

Furthermore, Bagudu praised the collaboration between the Central Bank of Nigeria and the Office of the National Security Adviser, which has targeted currency speculators and manipulators, contributing to the stabilization of the naira’s value.

Acknowledging the hardships faced by Nigerians, Bagudu conveyed President Tinubu’s empathy and reassurance. “We must take note that President Tinubu has empathized with the people and assured them that the reforms were not intended to inflict pain on them but were necessary measures to reposition the economy,” he concluded.

While the minister expressed optimism about the reforms’ impact, it is noteworthy that Nigerians have yet to experience the tangible benefits he described. If anything, Nigerians are getting poorer by the day with rising costs and inflation that has drastically reduced their purchasing power. To add to these, the government appears to be looking for more ways to burden the people through taxes and levies.

Source: VanguardNGR

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