Tayo Busayo, Abuja
DAILY COURIER - The Federal Government has reassured Nigerians of better economic prospects, despite the current challenges of inflation and rising costs. Speaking at the 30th anniversary of the Nigerian Economic Summit in Abuja, the Minister of Budget and Economic Planning, Atiku Bagudu, expressed confidence that the policies enacted by President Bola Ahmed Tinubu's administration would eventually lead to a stronger and more stable economy.
The government, which came into power last year, has introduced sweeping reforms aimed at revitalizing the economy and attracting foreign investment. Among these reforms are the removal of fuel subsidies and the decision to float the naira. However, these measures have led to a surge in fuel prices and inflation, which hit a three-decade high, leaving many Nigerians struggling with the cost of living.
Despite the hardships, Bagudu assured the public that positive changes are on the horizon. He cited improved economic indicators such as a growth in the nation’s Gross Domestic Product (GDP) from 2.98% in the first quarter of 2024 to 3.19% in the second quarter. Inflation, which has been a significant concern, is also showing signs of declining, while Nigeria’s external reserves have seen improvements.
"These are significant pieces of evidence that reforms and investments are working. These governance and institutional reforms have helped to improve our macro-economic performance," Bagudu stated.
He acknowledged that the nation’s external trade balance had improved slightly in the second quarter of 2024, demonstrating the effectiveness of the government’s economic reforms. “What has been achieved is a result of boldness, resilience, and collaboration. We need more to compensate for decades of under-investment,” he added.
Bagudu emphasized that the government is focused on improving the quality of life for all Nigerians, in line with its "Renewed Hope" agenda. He urged citizens to remain patient, as the policies being implemented would take time to fully materialize but would ultimately lead to a more prosperous future.
The minister also spoke on the theme of the summit, "Collaborative Action for Growth, Competitiveness, and Stability," stressing that collaboration between the government, private sector, and citizens is key to sustaining economic growth. “We seek cooperation and understanding from the broad spectrum of the citizenry as there is indeed light at the end of the tunnel,” Bagudu assured.
While Nigerians have faced considerable economic pressure in recent months, the government maintains that its reforms, though painful, are necessary for the long-term revival of the economy. President Tinubu's administration continues to push forward with efforts to stabilize the country’s finances, attract investment, and create a more competitive economic environment.