Economic Reforms - NEWS AGENCY OF NIGERIA

Folashade Adeniran
Jun, Mon, 2025

Economic reforms: Tinubu deserves second term in office – Rep member

83 total views today

By Abiodun Lawal

The House of Representatives member representing Yewa North/Imeko-Afon Federal Constituency, Gboyega Isiaka, says President Bola Tinubu deserves a second term in office considering the massive reengineering of the nation’s economy.

Isiaka stated this at a news conference to showcase his scorecard at the House of Representative in the last two years, on Sunday in Abeokuta.

The lawmaker said that Tinubu’s Renewed Hope Agenda had created the enabling policy framework for meaningful reforms across the nation.

Since assuming office, he added that the President had pursued a reform-driven economic agenda anchored on difficult yet necessary decisions.

“From the removal of fuel subsidy to the unification of foreign exchange rates, these measures have begun to yield measurable outcomes.

“The federal fiscal deficit has narrowed significantly, signaling stronger financial discipline and improved economic management.

“Also, our exchange rate policy has yielded a stable and predictable exchange rate that enhances planning and encourages greater direct investment flows into the economy.

“The recently passed Tax Reform Bill represents a major step forward, optimising revenue collection, reducing leakages, and enable more sustainable investments in infrastructure and social services,” he said.

Isiaka, who is the Chairman, House of Representatives Committee on National Planning and Economic Development, noted that, though, there were still challenges, the reforms had laid the groundwork for long-term stability and shared prosperity.

“The essence of leadership is to take you through the best route that will give you desired results.

“I am convinced beyond reasonable doubt that the path Mr President is taking us to is the best.

“We need to exercise some patience and by the time the President gets his second term, which I am sure by the time he’s sworn in by May 2027 Insha Allah, I am sure we are going to see more better and better days,” he said.

On his constituency projects, he noted that he had empowered over 4,000 constituents through carefully designed intervention programmes spanning key sectors.

“We are intentionally equipping our people with different means to build sustainable livelihoods and foster economic self-reliance,” he said.

The lawmaker also disclosed that in the last two years, he had sponsored five bills and five motions.

“I have sponsored five bills and five motions, one bill passed, two passed second reading and the other two under public hearing stage,” he said.(NAN)(www.nannews.ng)

Edited by Folasade Adeniran

Tinubu’s reforms will ease cost of living soon – Onanuga

Folashade Adeniran
Jun, Sun, 2025

General News

Tinubu’s reforms will ease cost of living soon – Onanuga

222 total views today

By Chioma Ugboma

Mr Bayo Onanuga, Mr Bayo Onanuga, Special Adviser Information and Strategy to President Bola Tinubu, says Nigerians will soon experience a reduction in the cost of living, as the effects of the administration’s economic reforms start to materialise

Speaking to newsmen in Lagos on Sunday, Onanuga stated that the positive effects of President Tinubu’s policies would soon be felt across all segments of the nation.

Onanuga highlighted that President Tinubu had not only introduced progressive reforms but had also tackled challenges that previous administrations avoided.

He added that two years is an insufficient yardstick to fully measure the administration’s achievements, noting that policy experts typically assess the impact of policies over a period of 10 years to 12 years.

“The President’s years in office began with clear policy directions and implementation.

“A lot of reforms have taken place across sectors.

The President has laid down many fundamentals that would ensure growth,” he stated.

He acknowledged that while the positives of the President’s actions over the past two years were gradually trickling down, a significant paradigm shift had occurred in the economy, addressing many pre-existing problems.

Onanuga, while referring to the situation before the subsidy removal, said, “There was no fuel. Many stations were saying no fuel, no fuel.

“What was happening at that time was that the NNPC had reached the bottom point. It had no money to import fuel, it claimed that it was owing suppliers about six billion dollars and the government was owing it about four trillion dollars. So, it could not import any more.”

Addressing concerns about borrowing, Onanuga clarified that it is a common practice globally, with even countries like the U.S. engaging in it.

“Nigeria has abundant resources that we are harnessing, but not as much readily available money as people might think,” he explained.

He stressed that borrowed funds were not squandered but rather used for their intended purposes, citing large-scale projects like the coastal roads that necessitate external financing due to their immense benefits.

Regarding currency devaluation, Onanuga explained that it is a universal economic principle, citing instances where even the UK and the U.S. have resorted to it.

“Even UK and the U.S at some point devalued. These are economic principles that are universal and cannot be changed because it is Nigeria,” he asserted.

He added that the government had made tough decisions and simultaneously created opportunities through infrastructure development, noting that many ongoing road constructions were not initially part of the budget.

Onanuga further stated that Nigeria had seen an increase in production and a rise in disposable income.

He pointed to companies like Nestle and Nigerian Breweries, which initially faced challenges but were now sourcing materials locally and reporting profits.

“This economy has opened up opportunities in many forms for Nigerians. Those who can really exploit it. And they are making money,” he emphasised, giving examples of individuals making profits from exporting agricultural products like cocoa and even zobo.

According to him, many companies are now investing and producing in Nigeria, and these positive shifts will soon become evident and tangible for all Nigerians.

Onanuga stressed the importance of public understanding of the economic context, saying, “We don’t do our people any good when we keep on pushing stories of gloom and doom without allowing them to see the truth, without allowing them to see the context, and without allowing them to know that there’s actually light at the end of the tunnel.” (NAN)

Edited by Olawunmi Ashafa

Economic reforms deliver growth, spur investor confidence – Bagudu

Olawunmi Ashafa
May, Thu, 2025

General News

Economic reforms deliver growth, spur investor confidence – Bagudu

199 total views today

By Salif Atojoko

The Minister of Budget and Economic Planning, Sen. Abubakar Bagudu, says Nigeria’s economy is witnessing a significant turnaround, driven by bold reforms, improved coordination, and a renewed focus on national priorities.

In an interview for an upcoming documentary marking President Bola Tinubu’s second anniversary, he said the government’s Renewed Hope Agenda was working and winning over investors at home and abroad, Mr Bayo Onanuga, his spokesman, said in a statement.

“This is two years well spent reaffirming the government’s commitment to the economic reforms.

“Mr President confronted Nigeria’s economic realities with bold and necessary choices – tough as they might be – and those measures are now yielding results,” said Bagudu.

He added that the reform-driven economy had seen four consecutive quarters of GDP growth, exchange rate stability, and a resurgence in private sector confidence.

According to him, rating agencies have consistently appreciated the efforts of the government.

He stated that foreign and domestic investors had responded positively to the government’s economic agenda, particularly agriculture, energy and infrastructure.

“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,” said Bagudu.

According to the minister, this renewed interest stems from the administration’s commitment to credibility, transparency, and structural change.

“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.

“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,” he said.

Bagudu described removing fuel subsidies and unifying the foreign exchange market as transformative decisions restoring fiscal sanity.

“We were losing five per cent of our GDP on fuel subsidy – money going to just a few. Mr President took the courageous step to end it.

“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 said.

Bagudu said the 2024 and 2025 budgets balanced fiscal responsibility and strategic investment in priority sectors.

“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,” continued the minister.

He emphasised Tinubu’s respect for the rule of law, even in managing inherited debt and Central Bank financing.

He said the President inherited ₦22.7 trillion in Ways and Means financing, but he insisted on respecting the Central Bank’s independence, and that the discipline was earning the country credibility globally.

He credited the Presidential Economic Coordination Council and the Economic Management Team – led by President Tinubu and Mr Wale Edun, Coordinating Minister for the Economy – with ensuring coherent, results-driven governance.

“This is teamwork. The President is the chief coordinator. He understands the global economic context, and the private sector respects him. We’re not just doing government-to-government coordination – the private sector is part of this reform effort,” said Bagudu.

While acknowledging that the reforms may feel challenging in the short term, Bagudu likened the process to a necessary fitness regimen.

“Our economy is like a body going to the gym. It might feel painful now, but the muscles of progress are forming.

“Mr President is saying: ‘I’m ready to take the pain so our children and grandchildren will inherit a more prosperous Nigeria.’ This isn’t just economic reform – it’s a moral responsibility,” Bagudu added. (NAN)

Edited by Chinyere Joel-Nwokeoma