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The Minister of Budget and Economic Planning, Senator Abubakar Bagudu, reaffirmed the Tinubu administration’s commitment to grassroots-driven economic transformation, describing recent reform outcomes as steadily positive despite the accompanying challenges.
Bagudu stated this at the launch of the World Bank’s Nigeria Development Update (NDU) for May 2025 in Abuja on Monday.
According to him, President Bola Tinubu’s reforms were already translating into measurable improvements, particularly at the subnational level. “The President is determined to ensure that these reforms translate into a better life for most Nigerians,” he said.
He cited increased revenues and reduced debt across states as evidence of growing fiscal stability. “If you take the time series backwards, you will see that revenues have historically been adjusted in response to oil prices,” Bagudu explained. “There was a time when oil prices were over $100 per barrel, yet some states couldn’t pay salaries. Today, however, we are seeing increased revenues to subnationals and even a reduction in their debt levels—an enhancement of fiscal space that is both notable and necessary.”
According to him, this progress stems from President Tinubu’s bold economic agenda, which prioritises structural reforms, fiscal discipline, and inclusive growth. He emphasized the resilience of Nigeria’s economy and pointed to improvements in revenue distribution and debt sustainability among states.
“We are implementing a program that brings every tier of government together to map economic opportunities across all 8,809 wards in Nigeria,” Bagudu said. “The federal government believed that cash transfers alone would not create jobs. You must identify and cultivate economic potential in each community.”
He described this ward-based strategy as central to the administration’s inclusive development plan. “This is an inclusive approach. We believe that we can unlock significant growth by focusing on ward-level economic opportunities. Mr. President will soon formally launch this ambitious initiative,” he added.
Bagudu also highlighted the administration’s emphasis on budgetary discipline and measurable results. “We are right to say that the budget must not reflect our indulgences; it must reflect our potential. This journey is nearly two years in, and now more than ever, all organs of government must work harder and smarter to deliver prosperity for our people.”
He noted that the latest World Bank report offers validation of the administration’s policy direction and praised Governor Caleb Muftwang of Plateau State for his remarks during the event. “This report and its numbers reinforce the fact that the Renewed Hope Agenda is working,” Bagudu said. “The governor of Plateau State rightly emphasised staying the course—not choosing winners, but supporting those who believe in Nigeria’s future. Our economy has one of the highest capacities globally to absorb technology, and our digital economy is a testament to that.”
In response to recent poverty reports, the minister acknowledged the figures while noting they were based on historical data that may not fully capture the current pace of reform. “Yes, the figures are real, but they reflect older datasets, not the current momentum of reforms underway since June 2023,” he said. “We are not playing the blame game. Mr. President campaigned for this responsibility. We are not where we want to be, but committed to doing more.”
Bagudu also commended the National Bureau of Statistics (NBS) for maintaining methodological integrity under his ministry’s oversight, citing progress in labour statistics, the Consumer Price Index, and GDP assessments. “Institutional credibility is paramount. What matters is that stakeholders are engaged, and that the public understands what these methodological changes mean for our national data,” he explained.
He concluded by underscoring the importance of sustained investor engagement and adaptive policymaking in achieving Nigeria’s infrastructure goals. “Our infrastructure aspirations require that we treat willing investors with the seriousness they deserve. We have developed mechanisms to recalibrate policy in real time, as seen in our recent engagement with stakeholders in the sugar industry,” he said. “The Coordinating Minister of the Economy remains available to ensure that government performance consistently exceeds expectations.”
The event gathered key government officials, including the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun; the Governor of the Central Bank of Nigeria, Mr. Yemi Cardoso; state government representatives; development partners; and economic stakeholders—all assessing Nigeria’s economic trajectory under the Renewed Hope Agenda.
