President Bola Tinubu has expressed excitement over the latest report from the National Bureau of Statistics (NBS) that the nation’s economy grew in the third quarter more than last quarter and even beyond projected estimates. He also emphasised the need for further work and promised that his administration will not rest until Nigerians see positive impacts in their pockets and experiences.
A statement from Special Adviser to the President on Media and Public Communications, Sunday Dare noted that the growth in GDP proved that President Tinubu’s drive for a more robust boost in the economy and, by extension, a better standard of life for all Nigerians is on pace. According to the statement, “The 3.46% growth indicates Nigeria is recovering from the reforms’ unintended effects.
According to President Tinubu, his administration has not forgotten its pledge to achieve a $1 trillion economy by 2030. “The country will be on its way to shared prosperity once the economy is rebased by early 2025 to capture its dynamism and record significant changes that have occurred in different sectors,” he promised.
The statement went on to say that the current GDP rise in the third quarter was led by important sectors like agriculture, transportation, education, health, real estate, finance and insurance, ICT, trade, and manufacturing. “This performance once again shows that the reforms embarked upon by the Tinubu administration to reposition the economy and ensure better fiscal management are beginning to yield fruits,” the statement read.
Further, it stated: “The proposed tax reforms also indicate the administration’s resolve to reduce the tax burden on small businesses and spread prosperity to the poor.”The new tax regime aims to enhance fairness by eliminating what is known as the headquarters effect—a situation in which states with firm headquarters receive more benefits because their taxes for the entire country are remitted—in favour of spatial and demographic equity.
According to the release, President Tinubu stated, “I am encouraged by the latest National Bureau of Statistics report, which shows that our economy grew faster than expected in the third quarter.” “While I welcome this development, the newest figure demonstrates how much work has to be done.
We will not rest until Nigerians see good results in their pockets and enjoy a higher standard of living. My administration remains committed to the well-being of our people.” Agriculture will account for 28.65% of GDP in Q3 2024, followed by ICT (16.35%), trade (14.78%), manufacturing (8.21%), crude oil (5.57%), finance and insurance (5.51%), and real estate (5.43%).
