Minister of Budget and Economic Planning, Senator Atiku Bagudu, has said that the reforms introduced by President Bola Tinubu’s administration over the last two years are already making a meaningful impact, gradually setting the country’s economy on the path to recovery and long-term growth.
Speaking to journalists on Saturday night after visiting the President at his Lagos residence, Bagudu described Tinubu’s economic policies as bold and necessary. He acknowledged the current economic pains but said the structural changes were already bearing fruit.
“We’re not where we want to be but these steps have turned the economy in the right direction,” the minister said.
He pointed out that the removal of fuel, foreign exchange, and electricity subsidies—though difficult—was essential. “Decades of under-investment brought Nigeria to a point where even paying salaries was difficult. By cutting these subsidies, we freed up resources. Today, subnational governments – states and local governments – have nearly tripled the funds they had before. That’s transformative,” Bagudu explained.
He said the increased revenues are now being directed to vital sectors including infrastructure, agriculture, digital innovation, education, and security. “These are not abstract promises. We are seeing real allocations going to security, education and economic empowerment,” he added.
Bagudu also noted a growing return of investor confidence, with private capital—both domestic and foreign—flowing back into the economy.
“One of the greatest differentiators between developed and developing countries is the level of investment, both public and private. We are now correcting years of neglect. That is a herculean task and that is central to reforms,” he said.
“There is a visible return of private capital, both domestic and international. Investors are taking Nigeria seriously again. They see a government that’s making tough but necessary choices,” he added.
Using an analogy, Bagudu said: “When someone starts by filling the hole under a house, you might think they’ve done nothing because you are not yet seeing the walls. But President Tinubu has been honest.
He said from the start: we’re in a hole, not because we want to blame the past, but because critical decisions were delayed for too long.”
He also pointed to the defection of opposition politicians to the ruling All Progressives Congress (APC), including governors from Delta and Akwa Ibom States, as evidence of growing confidence in Tinubu’s leadership.
“They’ve stated publicly why they joined, because of the sincerity and direction of this leadership. That’s not politics. That’s belief in a future that is being built with courage and vision,” Bagudu said.
As Nigeria marks both the Eid-el-Kabir festivities and the second anniversary of Tinubu’s presidency, Bagudu maintained that “the administration’s reforms are working, investments are rising, despite challenges besetting the country.’’
Also speaking after paying a Sallah homage to President Tinubu in Lagos, a member of the newly established North West Development Commission (NWDC), Mallam Aminu Suleiman, praised the President’s leadership and urged Nigerians to be patient.
“Tinubu’s two years are even better than the past government’s eight years. Given the full privilege of a four-year term, I am confident he will transform Nigeria,” Suleiman said.
He commended the creation of the NWDC as a key gesture of inclusion for the region. “We are the largest population zone in the north, nearly 19 million people strong. It’s a very good development for the North West to be included, and I know, Insha Allah, we will ensure everything goes well,” he said.
Pointing to Tinubu’s achievements as former Lagos governor, Suleiman said the President has what it takes to deliver nationwide change.
“He has done it in Lagos. We know, God willing, he will do it for the entire country,” Suleiman said.
Calling for national unity and trust in the administration, he added: “Let us be patient, the foundation being laid is solid. With time, we will all see the results.”
