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Nigerian Government Implements Reforms to Address Socio-Economic Challenges and Boost Investment

Minister Highlights Positive Impact and Calls for Patience The Nigerian Government has initiated a series of reforms aimed at

Nigerian Government Implements Reforms to Address Socio-Economic Challenges and Boost Investment

Minister Highlights Positive Impact and Calls for Patience

The Nigerian Government has initiated a series of reforms aimed at achieving macroeconomic stability, addressing socio-economic challenges, and attracting investment. This was announced by the Minister of Budget and National Planning, Mr. Abubakar Bagudu, during a World Press Conference organized by the Ministry of Information in Abuja.

Minister Bagudu acknowledged the early positive impacts of these reforms on the Nigerian economy and urged citizens to be patient for more significant improvements. “Our infrastructure, educational system, and health system are suffering from underinvestment. To address these issues, we must restore macroeconomic stability to attract both domestic and international investors,” he stated.

Renewed Hope Agenda and Economic Stability

The reforms are part of the “Renewed Hope Agenda,” designed to tackle low investment, low revenues, and a shrinking economic size. “We embarked on these macroeconomic reforms because our economy’s size was too small compared to our needs. Without restoring a stable macroeconomic environment, we cannot attract the investment needed to address underinvestment in security, education, and social welfare,” Bagudu explained.

Economic Policy Directions and Budgetary Allocations

Bagudu highlighted that the government’s economic policies aim to create job opportunities, address insecurity, control inflation, and develop the economy. He detailed the budgetary allocations and their intended impact:

  • First Budget: Renegotiated to allocate ₦500 billion for interventions supporting vulnerable populations affected by reform measures, including ₦200 billion for agriculture, ₦75 billion for medium and small-scale enterprises, and ₦40 billion for the nano credit sector.
  • Second Budget (₦2.17 trillion): Focused on national security, infrastructure, cash transfers, and commitments with the Labour Union.
  • 2024 Budget: Aims to restore budget discipline by reducing the fiscal deficit from 6.11% in 2023 to less than 4% in 2024 and increasing capital expenditure to 39%, the highest in the nation’s history.

The World Press Conference, organized by the Ministry of Information, highlighted the achievements of President Bola Tinubu’s administration in its first year.

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