The Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, has affirmed that President Bola Ahmed Tinubu’s sweeping economic reforms are earning Nigeria renewed trust and confidence from the global financial community and international investors
In a statement issued Wednesday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, Bagudu said the administration’s decisive policy measures are already yielding results, enhancing Nigeria’s fiscal stability and attracting foreign investment.
Growing International Interest in Nigeria’s Economy
“We are seeing investors from Brazil, Belarus, and Saudi Arabia showing strong interest in our agricultural sector. The international economic community and multilateral institutions are increasingly placing their confidence in our economy,” Bagudu said.
He noted that Nigeria’s quarterly GDP growth is reinforcing credibility among investors, who value transparency, credible data, and policy consistency.
“For the first time in 25 years, Nigeria is refining its own crude oil. The President’s decision to allow crude oil sales in naira to local refiners is a bold move that reflects his confidence in our economy,” the Minister added.
Fuel Subsidy Removal and FX Reforms Driving Fiscal Discipline
Bagudu praised the removal of fuel subsidies and the unification of the foreign exchange (FX) market as transformative reforms that have bolstered Nigeria’s financial credibility.
“We were losing 5% of GDP to fuel subsidies—resources benefiting only a few. The President took the courageous decision to end it,” he stated.
He further explained that FX unification has created a level playing field and reduced corruption and arbitrage.
“We now have a transparent, market-driven FX system based on willing buyer and willing seller. This has restored investor trust, increased revenue, and strengthened the private sector’s confidence,” Bagudu said.
2024 and 2025 Budgets Reflect Fiscal Prudence and Investment Focus
According to the Minister, the 2024 and 2025 budgets reflect the administration’s balanced approach of maintaining fiscal discipline while investing in critical sectors like healthcare, education, infrastructure, security, and technology.
“The 2024 budget notably reduced the fiscal deficit and sent a strong signal of our seriousness to the global markets—and they believed us,” he noted.
Bagudu credited this confidence to the administration’s emphasis on data-driven planning and a disciplined approach to public finance management.
Tinubu’s Respect for Institutions Earning Global Credibility
Speaking on inherited economic challenges, Bagudu highlighted President Tinubu’s commitment to institutional integrity, particularly in managing the Central Bank’s Ways and Means advances.
“Mr President inherited N22.7 trillion in Ways and Means financing, yet he insisted on respecting the constitutional and institutional framework—especially the independence of the Central Bank. That level of discipline is earning Nigeria global respect,” he said.
Bagudu concluded by emphasizing that though some decisions may be politically tough, they are necessary to build lasting economic credibility and investor trust in Nigeria’s long-term growth trajectory.
By: Kamal Yalwa
