Nigeria Economy Is Moving In The Right Direction, President Bola Tinubu’s Administration Determined To Stay On Course – Minister Of Budget and Economic Planning
Defending the 2025 Appropriation Bill today, Minister of Budget and Economic Planning Senator Abubakar Bagudu told the Senate Committee on Appropriations that the economy is moving in the right direction and that the administration, led by President Bola Tinubu, is determined to stay the course.
He said this is the growing consensus among global rating agencies and leaders, pointing out that ample evidence abounds that the economy is on a growth trajectory.
He said the over 3% GDP growth achieved last year was significant given that the developed jurisdictions with all the available resources struggled with a 1% growth rate.
The minister acknowledged that while the Capex implementation could be better, he explained that in a challenging economy like Nigeria’s, 100% implementation of recurrent expenditure was commendable because it showed the government’s ability and capacity to meet its obligations.
The Bola Tinubu administration was determined to achieve a higher growth rate, Bagudu told the senators, explaining that strategic steps had been taken to shore up revenue and tax to GDP rates.
Today’s Senate Appropriations Committee session was the first with the nation’s economic team, led by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun. Others at the session were the Minister of State for Finance, Dr Doris Uzoka-Anite; the Director-General of the Budget Office, Dr Tanimu Yakubu; the Permanent Secretary, Ministry of Budget and Economic Planning, Dr Vitalis Obi; and the Accountant-General of the Federation, Dr Oluwatoyin Madein, among others.
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