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FG Promises Economic Recovery Amid Tough Reforms

Kehinde Fajobi

The Federal Government has assured Nigerians of better days ahead, as it implements policies to revive the economy despite current challenges.

Since President Bola Ahmed Tinubu took office last year, his administration has introduced reforms aimed at boosting the economy and attracting foreign investment. However, these changes have led to soaring fuel prices and inflation reaching a 30-year high after the removal of fuel subsidies and the floating of the naira.

Speaking at the 30th anniversary of the Nigerian Economic Summit in Abuja, Minister of Budget and Economic Planning, Atiku Bagudu, reassured Nigerians that these hardships are temporary and part of a broader plan for recovery.

“Those are significant pieces of evidence that reforms and investments are working. These governance and institutional reforms have helped to improve our macro-economic performance,” Bagudu said.

He highlighted the country’s improving economic indicators, stating, “Our GDP has been enhanced from 2.98 per cent growth in the first quarter of 2024 to 3.19% in the second quarter, inflation is trending downwards, while external reserves are improving. We seek cooperation and understanding of the broad spectrum of the citizenry as there is indeed light at the end of the tunnel.”

Bagudu also pointed to the improvement in Nigeria’s external trade balance in the second quarter of 2024, demonstrating the positive effects of the government’s reforms. He expressed optimism about the direction of the economy, noting that inflation has been declining along with other favourable economic indices.

“What has been achieved is a result of boldness, resilience, and collaboration. We need more to compensate for the decades of under-investment and to ensure that we deliver a collaborative, competitive, and stable environment,” he added.

The minister also emphasised the summit’s theme, ‘Collaborative action for growth, competitiveness and stability,’ as vital for sustaining the country’s economic development.

He affirmed that the government is committed to improving the lives of all Nigerians in line with its renewed hope agenda.

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