The Minister of Budget and Economic Planning, Sen. Abubakar Bagudu, has lauded President Bola Tinubu’s economic reforms, stating that they have begun to yield positive results and restore confidence in Nigeria’s economy.
Bagudu while speaking to newsmen on Friday in Abuja, emphasized that these measures have attracted renewed interest from foreign investors in the country.
According to him, the removal of petrol subsidy caused some initial discomfort, Bagudu highlighted that it has led to increased funds available to all levels of government for investment in critical infrastructure.
This, he believes, will ultimately drive economic regeneration.
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Bagudu underscored that the reform measures align with the Renewed Hope Agenda and the eight priority areas of the Tinubu administration, aimed at rejuvenating confidence in the economy and providing resources for investment in productive sectors.
He noted that the objectives of the reforms, including bolstering government capacity to support the economy and expanding social investment to assist those affected by the reforms, have been achieved.
Bagudu emphasized that various sectors such as agriculture, infrastructure, security, education, health, and social investment have received increased budgetary allocations to facilitate growth and development.
The minister highlighted steps taken to boost employment, including providing mortgage funds to revitalize the mortgage sector and supporting manufacturing and agricultural activities for sustainable growth.
Bagudu commended the collaboration between the Central Bank of Nigeria and the Office of the National Security Adviser in curbing currency speculators and manipulators, which has helped stabilize the value of the naira.
He urged Nigerians to persevere, emphasizing President Tinubu’s empathy towards the people and assuring them that the reforms are necessary for repositioning the economy, rather than inflicting pain.
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