Nigeria’s Minister of Budget and Economic Planning, Senator Atiku Bagudu, said that while Nigerians are feeling short-term pain, the economy is growing and showing promising signs of sustained recovery thanks to bold reforms implemented by the Buhari-Tinubu administration.
Bagudu, stated on June 9, 2025, emphasised that removing fuel, electricity, and foreign exchange subsidies has freed up financial resources that have nearly tripled available funds for states and local governments.
He highlighted that these funds are now being channelled into infrastructure, agriculture, consumer credit, digital innovation, education, and security. He acknowledged that the reforms are starting to restore investor confidence, attracting both domestic and foreign capital.
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Recent data shows Nigeria’s GDP grew 3.84% in Q4 2024, the fastest pace in three years, with full‑year growth at 3.4%, largely driven by services, agriculture, and industrial activity. President Tinubu noted that the fiscal deficit decreased from 5.4% in 2023 to 3.0% in 2024, following key reforms, including the removal of subsidies and the realignment of the naira.
However, inflation remains elevated, around 24%, driven mainly by rising food prices. The IMF has forecasted 3.3% growth for 2024, applauding subsidy removals and tighter monetary policies, while also calling for expanded social support and transparent foreign exchange policies to mitigate hardship
