Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has expressed confidence that President Bola Tinubu’s economic reforms will deliver prosperity for Nigerians in 2027.
Bagudu said the Federal Government remained committed to sustaining its economic reform programme, improving implementation and addressing the challenges facing households and businesses.
The minister made the remarks at the 32nd Nigerian Economic Summit in Abuja, where he reiterated the administration’s determination to maintain its reform trajectory.
According to Bagudu, abandoning the reforms would reverse the progress made in stabilising the economy and undermine efforts to achieve sustainable growth.
He maintained that the government would not return to fuel subsidy payments, arguing that the previous system created economic distortions.
Bagudu, however, acknowledged that the reforms had placed significant pressure on households and businesses, stressing the need for policy adjustments and effective interventions to improve living conditions.
He said the administration’s priority was to ensure that economic growth translated into jobs, increased productivity and shared prosperity.
The minister highlighted investments in agriculture, manufacturing, infrastructure, digital technology and human capital as key areas expected to support economic development.
He also pointed to increased revenue allocations to federal, state and local governments, saying the additional resources presented opportunities to improve infrastructure and public services.
Bagudu said the government was working towards building a $1tn economy by 2030, a target he said would require stronger domestic production, increased investment and greater private-sector participation.
On agriculture, he emphasised the need to improve access to farm inputs, financing, mechanisation, irrigation and markets, while strengthening processing and storage facilities to reduce post-harvest losses.
He also identified manufacturing as a critical sector for creating jobs, increasing local production and reducing dependence on imported goods.
The minister further highlighted the Renewed Hope Ward Development Plan, which aims to identify and develop economic opportunities across Nigeria’s 8,809 wards.
He said the initiative would support local production, increase household incomes and create employment by tailoring interventions to the economic potential of individual communities.
Bagudu added that expanding digital infrastructure, improving access to finance for small businesses and investing in education and skills development would be essential to achieving sustainable economic growth.
He stressed that the success of the reforms would ultimately depend on their ability to improve livelihoods and ensure that the benefits of economic growth reach Nigerians.
