The Minister of Budget and Economic Planning, Sen. Abubakar Bagudu, has admitted that the President Bola Tinubu’s economic reforms are causing pains to Nigerians. He, however, expressed optimism that the policies have started bearing fruits.
Bagudu disclosed this to newsmen on Friday in Abuja. He stated that the measures taken by President Tinubu had restored faith in the country’s economy.
The Minister’s views were contained in a statement by his Special Assistant on Media, Bola Adebiyi. Bagudu was quoted as saying that foreign investors had renewed interest in Nigeria.
He said, “Although the removal of petrol subsidy caused some pains, the policy has increased the quantum of funds available to the three tiers of government to invest in critical infrastructure.
“This critical infrastructure will regenerate the economy. Before May 29, 2023, the finances of the Government were fragile.
“The payment of subsidies affected the quantum of revenue available to all the layers of government. So, much so that the economy was at a standstill.
“The reform measures were in tandem with the Renewed Hope Agenda. And the eight priority areas of the Tinubu administration to regenerate confidence in the economy and provide resources to invest in the productive sector,” he said.
The Minister stated that both objectives of the reforms have been achieved. This is even as the Federal, State and Local Governments have acquired more capacity to support the economy.
According to him, the Federal Government has expanded social investment support to ensure that those at the lower end of the society affected by the reforms are helped to cope.
“All the sectors that will enable the gains to be achieved, including agriculture, infrastructure and security have seen more funding.
“Sectors that secure our future like education, health and social investment have received increased budgetary allocation.
“Programmes were also introduced to support the sectors so that manufacturing activities could resume. And agricultural activity could be better supported on a more sustainable basis,” he said.
Th e Minister said that part of the steps taken to boost employment included the provision of mortgage funds. He said this will regenerate the mortgage sector so that activities there could increase.
Bagudu, therefore, commended the collaboration between the Central Bank of Nigeria, CBN, and the Office of the National Security Adviser. He thanked them for reining in currency speculators and manipulators. He stated that it had shored up the value of the Naira.
The Minister, however, pleaded with Nigerians to persevere in the face of the present economic realities. He pointed that the President had persistently empathized with them.
“We must take note that President Tinubu has empathized with the people. He had assured them that the reforms were not intended to inflict pain on them, but were necessary measures to reposition the economy,” Bagudu said.
source: Daily Post