Tinubu committed to sustaining Nigeria’s economic reform programme, says Bagudu

Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has reaffirmed President Tinubu’s commitment to sustaining Nigeria’s economic reform programme, stating that the administration remains determined to maintain the reform trajectory, improve implementation, and address the challenges facing households and businesses.

“For those of us serving under the President and Vice President, the instruction has been clear: we must stay the course,” he said at the 32nd Nigerian Economic Summit (NES#32), which began on Monday in Abuja under the theme “Growth that Works: Delivering Jobs, Productivity and Shared Prosperity”.

Opposition politicians, including the African Democratic Congress presidential candidate, Alhaji Atiku Abubakar, had promised to restore the petrol subsidy to reduce the rising cost of living.

However, Bagudu said that would turn back the clock and erode the gains of the reforms that stabilised the economy and put the country on a growth path. 

He recalled that the President had taken deliberate steps to ensure the continuity of the reforms, noting that at a National Economic Council meeting in October 2025, the President presented a memorandum on their sustainability. 

According to him, the discussion acknowledged differing opinions on the reforms and the need for a framework to ensure their continuity.

Bagudu stressed that sustaining the reforms would not preclude necessary policy adjustments to respond to prevailing economic realities and to improve implementation. 

He reiterated the administration’s position, saying, “There will be no return to the fuel subsidy and the economic distortions associated with the previous system.”

The minister emphasised that the priority now is to consolidate the progress made, tackle the challenges facing Nigerians and ensure that the benefits of economic growth are more widely shared.

“The task before us is to sustain progress, improve implementation, address the challenges facing households and businesses, and ensure that economic growth translates into jobs, productivity and shared prosperity for Nigerians,” he said.

He said the Tinubu administration is investing in agriculture, manufacturing, infrastructure, digital technology and human capital to achieve inclusive, sustainable economic growth.

Commending the Nigerian Economic Summit Group (NESG) for sustaining a platform for constructive engagement among government, the private sector, organised labour, academia, civil society and development partners, he noted that the Summit offers an important opportunity to examine the country’s economic challenges, assess ongoing reforms and develop practical recommendations to accelerate national development.

Bagudu explained that the Renewed Hope Agenda aims to reposition the Nigerian economy for sustainable growth by addressing longstanding structural distortions, strengthening the foundations for investment and expanding productive activities. 

He emphasised that the ultimate objective is to build a resilient economy that creates opportunities, improves livelihoods and delivers tangible benefits to Nigerians.

He highlighted improvements in key macroeconomic indicators and increased revenue accruing to the Federal, State and Local Governments, noting that the additional resources available to subnational governments present an opportunity to expand infrastructure, improve public services and advance development priorities.

According to the minister, the distribution of increased revenue across the federation reflects President Tinubu’s commitment to fiscal federalism and to the effective functioning of the three tiers of government. He emphasised that stronger coordination among federal, state and local authorities is essential to converting available resources into measurable development outcomes.

While acknowledging progress, Bagudu stressed that Nigeria must sustain its reform efforts, strengthen domestic production and mobilise greater investment to realise its ambition of building a one-trillion-dollar economy by 2030. 

He noted that achieving this target would require improved productivity, stronger private-sector participation, expanded industrial capacity and a more competitive business environment.

He also acknowledged the economic pressures facing households and businesses, emphasising that reforms must be accompanied by effective implementation, responsive policy adjustments, and interventions that protect vulnerable populations, support domestic production, and improve livelihoods. 

He maintained that the success of the reform programme would ultimately depend on its ability to create opportunities and translate economic gains into better living conditions.

On grassroots economic development, Bagudu highlighted the Renewed Hope Ward Development Plan, which aims to identify and unlock productive opportunities across Nigeria’s 8,809 wards.

He explained that the initiative aims to identify the distinctive economic strengths of communities and to develop targeted interventions that stimulate local production, increase household incomes and create employment. Communities with potential in agriculture, fishing, livestock, textiles and other productive activities, he said, require support tailored to their specific needs, resources and opportunities.

According to the minister, unlocking economic potential at the ward level would broaden the foundations of national growth, strengthen local economies, and ensure that development opportunities extend beyond major urban centres to communities across the country. He stressed that a more inclusive growth strategy must recognise local communities’ productive capacity and create pathways for them to participate meaningfully in the national economy.

Agriculture, he noted, remains central to economic diversification, food security and employment generation, emphasising the importance of access to farm inputs, agricultural financing, mechanisation, irrigation and stronger agricultural value chains, alongside the National Agricultural Mechanisation Policy and the National Agricultural Mechanisation Investment Strategy.

Bagudu stressed that increasing agricultural production must go hand in hand with improvements in processing, storage, transport, distribution and market access. He explained that these interventions are necessary to reduce post-harvest losses, improve food availability and affordability, raise farmers’ incomes and create sustainable opportunities for agribusinesses and rural communities.

He also emphasised the importance of manufacturing in promoting local value addition, creating skilled employment and reducing dependence on imported goods. In this regard, he cited the Nigeria Industrial Policy 2025 and the Nigeria First Policy as part of efforts to strengthen domestic production, deepen local supply chains and improve the competitiveness of Nigerian enterprises.

Beyond agriculture and manufacturing, the Minister identified digital technology, financial services and trade as sectors with considerable potential to boost productivity, foster innovation and expand economic opportunities. 

He highlighted the Federal Government’s collaboration with the European Union and the European Bank for Reconstruction and Development on a fibre-optic infrastructure initiative covering approximately 90,000 kilometres of network deployment, aimed at expanding broadband connectivity and supporting business growth.

On human capital development, the minister stressed that Nigeria’s long-term competitiveness depends on the knowledge, health, skills and productive capacity of its people. He highlighted government interventions in education, healthcare, foundational learning, skills development and social protection, including the Human Capital Opportunities for Prosperity and Equity programmes and the Nigerian Education Loan Fund.

He further emphasised the need to prepare young Nigerians for the evolving demands of the labour market, particularly as artificial intelligence and other emerging technologies reshape industries and occupations. He noted that equipping young people with relevant digital, technical and entrepreneurial skills would be critical to improving employability, encouraging innovation and strengthening Nigeria’s position in the global economy.

The minister also called for improved access to finance for micro, small and medium-sized enterprises, noting that businesses need the capacity to invest, innovate, expand operations and create jobs. He highlighted efforts to develop financing support mechanisms, including a proposed credit guarantee framework, to address barriers that prevent viable enterprises from accessing the capital needed to grow.

Bagudu urged government and private-sector stakeholders to deepen collaboration and mobilise domestic and international capital to bridge Nigeria’s development financing gap. He emphasised that credible public-private partnerships, stronger domestic capital markets and improved access to finance are essential for expanding productive capacity, attracting investment and accelerating economic transformation.