The Minister of Budget and Economic Planning, Abubakar Bagudu, said that the economic reforms implemented by President Bola Tinubu are yielding positive results, although it may have been painful from the beginning.
Speaking with journalists in Abuja on Friday, Bagudu stated that these measures have successfully restored confidence in Nigeria’s economy.
He noted that foreign investors are now showing renewed interest in the country, indicating a significant turnaround.
A statement by Bola Adebiyi, his Special Assistant on Media, quoted the minister as saying that foreign investors had renewed interest in Nigeria.
“Although the removal of petrol subsidy caused some pain, 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 29 May 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 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.
According to Mr Bagudu, both objectives of the reforms have been achieved 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.
