Bagudu: Tinubu’s reforms restoring investor confidence… economy undergoing turnaround

Atiku Bagudu, minister of budget and economic planning, says Nigeria’s economy is undergoing a turnaround “driven by bold reforms, improved coordination, and a renewed focus on national priorities”.

Bagudu spoke in a feature interview for an upcoming television documentary commemorating President Bola Tinubu’s second year in office, according to a statement by Bayo Onanuga, special adviser to the president on information and strategy

In the statement, posted on X on Wednesday, Bagudu said the “Renewed Hope Agenda” is yielding results and rekindling investor interest locally and internationally.

“This is two years well spent,” the minister was quoted as saying.

“Mr President confronted Nigeria’s economic realities with bold and necessary choices, tough as they might be, and those measures are now yielding results.

“We have seen four quarters of successive economic growth, stability in foreign exchange, and appreciation by Nigerians and the international community.

“Rating agencies have consistently appreciated what we are doing.”

Bagudu said both local and foreign investors are responding to the reforms, citing increased agriculture, infrastructure, and energy activity.

“Investors from Brazil, Belarus, and Saudi Arabia are entering our agricultural space. Multilateral institutions are also showing increased faith in our economy,” he said.

He added that the reforms were underpinned by transparency and credibility, “qualities that investors look for”.

“Investors want to see good policy. Can I get paid back? Are the numbers credible? Is the environment transparent? That’s why they appreciate quarterly GDP growth,” he said.

Bagudu also highlighted recent developments in the oil sector, including Nigeria’s domestic refining capacity.

“For the first time in 25 years, Nigeria is refining oil,” he said.

“Mr President was courageous enough to allow crude to be sold in naira to our refiners. This is a testament to his belief in our economy.”

FISCAL DEFICITS AND BUDGET PRIORITIES

He said the removal of the petrol subsidy and exchange rate reforms have restored fiscal balance and market confidence.

“We were losing 5% of our GDP to fuel subsidies — money going to just a few,” he said.

“Now, with the willing buyer, willing seller FX model, we’ve removed uncertainty and created a fair market.”

On the 2024 and 2025 budgets, Bagudu said the government prioritises investment in health, education, technology, infrastructure, and security, while reducing fiscal deficits.

“The 2024 budget showed we are serious, and the markets believed us,” he said.

He also credited the president’s respect for institutional independence, including handling the N22.7 trillion inherited ways and means financing from the central bank.

“Mr President insisted on respecting the CBN’s independence. That discipline is earning us global credibility,” he said.

“Our economy is like a body going to the gym. It might feel painful now, but the muscles of progress are forming.

“Mr President is saying: ‘I’m ready to take the pain so our children and grandchildren will inherit a more prosperous Nigeria.’ This isn’t just economic reform — it’s a moral responsibility.”

Onanuga said the interview also highlighted the role of the presidential economic coordination council and the economic management team in driving coherent, private-sector-led growth.

He said the economic management team is led by Tinubu and Wale Edun, the finance minister.