Lagos: Sen. Atiku Bagudu, the Minister of Budget and Economic Planning, has announced that bold reforms implemented by President Bola Tinubu’s administration have set Nigeria’s economy on a path of sustained recovery and growth, despite initial challenges. Bagudu made these remarks while speaking to State House Correspondents following a courtesy call on President Tinubu at his Lagos residence.

According to News Agency of Nigeria, Bagudu commended the administration’s economic strategies, highlighting that Nigeria is starting to benefit from necessary structural changes. He noted, “We’re not where we want to be, but these steps have turned the economy in the right direction.”

The minister underscored the significance of the administration’s decision to eliminate subsidies on fuel, foreign exchange, and electricity. “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,” Bagudu stated.

He explained that the additional funds are being directed towards vital sectors such as infrastructure, agriculture, consumer credit, digital innovation, and human capital development. “These are not abstract promises. We are seeing real allocations going to security, education, and economic empowerment,” he added.

Bagudu further mentioned that these reforms are boosting investor confidence. “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. That is a Herculean task and that is central to reforms. There is a visible return of private capital, both domestic and international. Investors are taking Nigeria seriously again. They see a government that’s making tough but necessary choices,” he remarked.

The minister likened the administration’s initial measures to laying a robust foundation. “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,” Bagudu concluded.