The Minister of Budget and Economic Planning Abubakar Bagudu yesterday defended President Bola Tinubu’s economic reforms, insisting that “has steered the economy in the right direction”.

The former Kebbi State governor made the comment during the defence of his ministry’s 2025 budget estimates at the National Assembly Joint Committee. According to him, the reforms are working and the economy is on the path to full recovery.

The minister said: “President Bola Tinubu has steered the economy in the right direction, and we are determined to stay the course.

“Under the leadership of President Bola Tinubu, and with your support, our economy has turned the bend and facing the right direction.

“The Renewed Hope Agenda Strategy of once and for all confronting our decades of underinvestment is working, and the positive trajectory is being sustained.”

He said GDP growth of more than 3 per cent for three successive quarters, compared to less than 1 per cent in industrialised countries, evidenced the increasingly positive impact of the administration’s reforms.

Bagudu listed other positive impacts, including recovery of the economy, deficit reduction, and non-recourse to ways and means beyond legal limits from over 6.1 per cent in 2023 to less than 4 per cent in 2024, which he said global business leaders and rating agencies had acknowledged.

He said: “The reform strategy has enhanced the liquidity of the subnationals: States and local governments.

“FAAC allocations to all tiers of Government are on the increase. With the elimination of FOREX and fuel subsidies, among other reforms, the increase shall be sustained.”

The minister promised that the government would generate the funds to finance the 2025 financial plans through innovative financing and line budget allocation.

According to him, Tinubu has charged the petroleum, solid mineral, and creative industry sectors with developing their potential.