Economy: FG Assures Nigerians ‘There Is Light at the End of the Tunnel

The Federal Government has reassured Nigerians that despite current economic challenges, there is hope for improvement, urging citizens to remain patient and optimistic.

The Federal Government has promised Nigerians improved prospects by implementing policies designed to rejuvenate the country’s economy.

After assuming office last year, President Bola Ahmed Tinubu introduced reforms aimed at revitalizing the economy and attracting foreign investment.

Since Tinubu removed a fuel subsidy and allowed the naira currency to float, Nigerians have experienced soaring fuel prices and inflation reaching its highest level in three decades.

At the 30th anniversary of the Nigerian Economic Summit in Abuja, Atiku Bagudu, Minister of Budget and Economic Planning, reassured Nigerians that although they are facing difficult times, there is hope for a brighter future.

These are substantial pieces of evidence indicating that reforms and investments are effective. The governance and institutional changes have contributed to enhancing our macro-economic performance.

Our GDP growth increased from 2.98% in the first quarter of 2024 to 3.19% in the second quarter, inflation is on a downward trend, and external reserves are improving.

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“We ask for collaboration and understanding from all members of the community, as there is truly hope ahead.”

Atiku Bagudu, the Minister of Budget and Economic Planning.

The minister stated that Nigeria’s external trade balance saw a slight improvement in the second quarter of 2024, indicating the effectiveness of the current administration’s reforms.

Bagudu conveyed confidence in the nation’s economic condition, stating that it is moving in the right direction with a decrease in inflation and improvements among other economic indicators.

He stated, “The achievements we’ve seen are due to boldness, resilience, and collaboration. We need more of these qualities to make up for decades of under-investment and ensure we create a collaborative, competitive, and stable environment.”

He stated that the theme of the summit, “Collaborative Action for Growth, Competitiveness and Stability,” highlights the essential priorities needed to maintain and enhance the nation’s economic growth and development.

Bagudu stated that the government is continuously striving to enhance the lives of all Nigerians in alignment with the renewed hope agenda.