In his address at the 54th annual accountants conference themed “Governance Reimagined: Mapping the Future,” President Bola Tinubu emphasized the crucial choices his administration has made over the past 17 months to reverse Nigeria’s decline and promote sustainable, inclusive growth. The address was delivered by Alhaji Abubakar Bagudu, Minister of Budget and Economic Planning, in Abuja on Tuesday.
President Tinubu noted the positive Gross Domestic Product (GDP) growth for the first two quarters of 2024, alongside a decrease in inflation and a stabilizing foreign exchange market, indicating encouraging investment signals. He stated, “We are continuing with innovative reform measures: digitisation of revenue collection and government services, consumer credit system to boost manufacturing and enable access to goods and services.”
He highlighted key reforms undertaken by his administration, including:
- Mortgage System Reform: To widen opportunities for home ownership.
- Compressed Natural Gas Penetration: To provide cheaper and alternative energy sources.
- Agriculture Development Fund: Aimed at de-risking agricultural investments.
Tinubu pointed out that his government has eliminated punitive subsidies, leading to reduced revenue loss and higher allocations for all three tiers of government, thereby enabling more support for vulnerable populations. He noted the increase in social investment spending, higher minimum wage, availability of student loans, and enhanced interventions for NANO, MSME, farming, fishing, and livestock sectors.
“Our collective vision for Nigeria’s future is anchored on strengthening our institutions and nurturing a pervasive culture of accountability,” he concluded, underscoring the government’s commitment to fostering economic stability and growth.