The Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, has stated that the global economic community and multilateral financial institutions are placing increased confidence in Nigeria’s economy due to the bold reforms initiated by President Bola Ahmed Tinubu’s administration.
Bagudu made the remarks in a statement signed by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, on Wednesday.
According to the Minister, the economic decisions taken by the administration are already yielding dividends, attracting investor interest, and strengthening Nigeria’s fiscal position.
“We have seen investors from Brazil, Belarus, and Saudi Arabia increasingly entering our agricultural space. The world economic community and multilateral institutions are putting more faith in our economy.
“Investors want to see good policy—can I get paid back? Are the numbers credible? Is the environment transparent? That’s why they appreciate when they see quarterly GDP growth,”
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“For the first time in 25 years, Nigeria is refining oil. Mr President was courageous enough to allow crude sale in naira to our refiners. This is a testament to his belief in our economy.”, Bagudu said.
Fuel subsidy removal, FX unification driving investor confidence
Bagudu described the removal of fuel subsidies and the unification of the foreign exchange market as transformative decisions that are restoring fiscal discipline and transparency.
“We were losing 5% of our GDP on fuel subsidy—money going to just a few, Mr President took the courageous step to end it.”, he stated.
He further noted that the FX reforms have significantly reduced arbitrage and encouraged market fairness.
“The foreign exchange reform removed uncertainty and favouritism. We now have a fair market—willing buyer, willing seller—which has generated revenue growth and boosted private sector confidence,” he added.
Budgets focused on responsibility and investment
Bagudu also highlighted the 2024 and 2025 budgets as key instruments balancing fiscal prudence and strategic investments.
“We have increased spending in health, education, infrastructure, security, and technology. The 2024 budget achieved significant deficit reduction, and more importantly, it showed that we are serious—and the markets believed us,” he noted.
The Minister credited this growing market confidence to the administration’s consistency, policy discipline, and a shift towards data-driven planning.
Speaking on public finance management, Bagudu pointed to President Tinubu’s insistence on constitutional and institutional respect, especially regarding inherited liabilities from the previous administration.
“Mr President inherited N22.7 trillion in Ways and Means financing, but he insisted on respecting the Central Bank’s independence. That discipline is earning us credibility globally,” Bagudu explained.
He emphasized that such decisions, though politically difficult, are necessary to signal seriousness to the international community and domestic investors alike.
Acknowledging the hardship many Nigerians currently face, Bagudu compared the reform process to a physical fitness journey.
What you should know
Nigeria’s trade exports increased to $50.4 billion in 2024, driven by exchange rate depreciation and the elimination of fuel subsidies, which boosted the country’s trade balance.
Data from the National Bureau of Statistics (NBS) shows that Nigeria recorded a total trade volume of N138 trillion, the highest in the country’s history.
The Tinubu-led administration has also increased the FAAC allocations among the federal, state, and local governments from N760 billion in 2023 to N3.2 trillion in 2024, driven by proceeds from the removal of the fuel subsidy.
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