President Bola Tinubu’s economic reforms are not just about recovery, they represent a deliberate recalibration of Nigeria’s growth strategy.
As Minister of Budget and Economic Planning, Senator Abubakar Bagudu, outlined during a budget defense session, the administration’s bold initiatives under the Renewed Hope Agenda are setting the foundation for long-term transformation.
While much attention has been given to immediate impacts, such as GDP growth surpassing 3% over three consecutive quarters, a deeper look reveals a shift in priorities toward structural reforms aimed at sustainability.
Bagudu credited the removal of fuel and forex subsidies for boosting state and local government revenues while addressing deficits and enforcing fiscal discipline.
However, the broader narrative is the government’s focus on rethinking financing and economic diversification.
The 2025 budget emphasizes innovative mechanisms like the Renewed Hope Infrastructure Fund, Consumer Credit Schemes, and the CNG Energy Transition Program, which aim to accelerate infrastructure development while generating revenue.
These initiatives signal a departure from reliance on traditional revenue streams, positioning Nigeria as a hub for modern economic practices.
The administration’s aggressive measures to curb oil theft and enhance crude production have not only stabilized revenues but also attracted international recognition.
Strategic partnerships with China, Japan, and Saudi Arabia, along with agreements with development organizations, highlight Nigeria’s emerging reputation as a trustworthy economic partner.
These collaborations indicate a government intent on integrating Nigeria into the global economy on more favorable terms.
Bagudu’s emphasis on the contributions of parastatals under his ministry underscores the importance of institutional reform.
The National Bureau of Statistics (NBS) has modernized data collection through GDP rebasing, while the Nigerian Institute of Social and Economic Research (NISER) has enriched public policy discourse through the Renewed Hope Agenda Lecture Series.
These developments reflect a government leveraging data and research to guide its strategies, moving away from ad hoc planning.
The challenge now is execution. While lawmakers praised the administration’s vision, the success of the 2025 budget depends on translating plans into tangible results.
Bagudu assured that the government is committed to inclusive growth, targeting both immediate needs and long-term goals.
As Nigeria navigates global economic headwinds, Tinubu’s administration is carving out a path that prioritizes resilience, innovation, and inclusivity. The reforms represent more than a response to crisis—they are a blueprint for a more competitive and self-reliant Nigeria.
Whether this trajectory is sustained will depend on meticulous implementation and continued public trust in the government’s vision.

***Minister says, N2b reserved for the House Leader’s constituency projects

On Tuesday, the Joint Senate and House of Representatives Committee on Regional Development stirred controversy by barring journalists from a budget defence session with Minister of Regional Development, Abubakar Momoh.
The move, which was to shield the minister from intense scrutiny, followed allegation of a lopsided budget favouring Edo State.
The minister and his Minister of State counterpart, Uba Maigari, had been summoned to present the ministry’s 2024 budget performance and the proposed 2025 budget.
However, the session turned contentious as lawmakers raised concerns over the apparent disregard for federal character principles in the distribution of projects.
During the session, Rep. Matthew Nwogu questioned why 70% of the ministry’s 2024 projects were concentrated in Edo State, leaving other states under the purview of the defunct Niger Delta Development Commission with little to no allocation.
“Mr. Minister, tell us why most of the 2024 budget projects are situated in Edo State?” Nwogu demanded.
Rep. Chinedu Ogar re echoed the sentiment, challenging the minister to explain why the proposed 2025 budget showed a similar pattern, with 70% of projects also earmarked for Edo State.
The committee chairman, Rep. Eugene Okechukwu, attempted to defuse the tension by moving to an executive session, barring journalists from the proceedings.

“We have to be mindful that press men are here. Let us go into an executive session to address these concerns,” Okechukwu said. The media was then excused, leaving the lawmakers to deliberate behind closed doors.

In his presentation, Minister Momoh revealed that the ministry’s proposed 2025 budget stood at N28.9 billion, with N24 billion allocated for capital projects, N2.7 billion for personnel costs, and N1.6 billion for recurrent expenditures. However, he disclosed that N2 billion of the proposed budget was reserved for constituency projects in the district of the House of Representatives Leader, Prof. Julius Ihonvbere, who also hails from Edo State.
This revelation further fueled suspicions that the ministry’s resources disproportionately favoured one state over the developmental needs of others.
Defending the budget allocation, Minister Momoh lamented that the N28.9 billion budget was grossly inadequate to address the vast developmental needs of the five regional development commissions under the ministry. He cited challenges such as abandoned projects, delays in completion, and poor performance due to insufficient funding.

The minister appealed to the committee to increase the ministry’s budget, emphasizing the critical need to address regional disparities effectively.
The session left many lawmakers and observers questioning whether the Ministry of Regional Development, meant to address issues across multiple regions, had become a tool for advancing the interests of a single state. With 70% of projects concentrated in Edo State, the perception of favoritism risks undermining the ministry’s credibility and its mandate to promote equitable regional growth.
As the closed-door session concluded, the broader public remains in the dark about the committee’s findings and the minister’s justification for the skewed allocations. The incident raises pressing questions about transparency, accountability, and the true beneficiaries of the ministry’s budgetary decisions.

***Querry how economy is doing well without corresponding impact on common man.

Lawmakers have raised concerns about the Federal Government’s decision to peg inflation at 15% in the 2025 budget projections, describing it as overly ambitious given the current economic climate.

This follows the presentation by Finance Minister Wale Edun during a legislative session on the 2025 Appropriation Bill.

Edun, in his address, expressed optimism about Nigeria’s economic direction, highlighting a projected GDP growth rate of 3.5% and increased revenue from both the oil and non-oil sectors.
He had also indicated that the economy is having a positive leap.
However, senators wondered how the economy could be having a positive outlook without impacting the populace positively

They also questioned the feasibility of the inflation target, citing persistent challenges such as exchange rate instability, high interest rates, and rising food prices.
Senator Orji Uzor Kalu, leading the discussion, noted that while the Central Bank of Nigeria (CBN) has taken measures to combat inflation through monetary tightening, structural economic issues remain unresolved “Pegging inflation at 15% assumes a level of fiscal discipline and policy coordination that we are yet to see materialize. It’s not just about monetary policy; we need aggressive efforts on food security, energy stability, and industrial output,” Kalu remarked.

Senator Tokunbo Abiru from Lagos East added that the government’s reliance on an envelope budgeting system could further strain fiscal resources. “Inflation is not just a monetary phenomenon. If we are not addressing revenue leakages and inefficiencies in public spending, achieving this target will remain a mirage,” he said.

In response, Minister Edun defended the 15% inflation benchmark, explaining that it reflects the CBN’s confidence in its monetary policy framework and the government’s efforts to boost food production.
“Central Bank of Nigeria is indicating a 15 per cent inflation rate by the end of 2025, it is achievable, we are working hard towards it,we look forward to achieving it.
“And it is their signalling of where inflation is expected to lie that has given us this interest rate. However, we all have a role to play.
“Even if monetary policy helps to try to bring down inflation, however, on the fiscal side, it is important that we contribute to lower inflation, not just by really squeezing demand, but by increasing supply.
“Increasing supply of food is one of the major commitments that is already laid out, we are having a dry season harvest now, and we have mobilised 250,000 farmers to be able to produce 750,000 metric pounds of assorted grains from the dry season farming”.
Mr. Edun also said that under President Bola Tinubu, the country’s economy is growing positively as the budget deficit as percentage to Gross Domestic Product, GDP, is falling while debt service ratio as percentage to revenue is improving.
“After eighteen to twenty months, under the able and visionary leadership of President Bola Tinubu, we have been inspired as a nation to re-determination forbearance arrive st the situation where the economy is very much turning the corner, it is growing. The budget deficit as percentage to Gross Domestic Product, GDP, is falling while debt service ratio as percentage to revenue is improving”
Economic analysts are divided on the issue. While some see the government’s optimism as a sign of progress, others warn that external shocks, such as global oil price volatility and geopolitical tensions, could derail the inflation target.

Dr. Amina Yusuf, an economist at the University of Abuja, stated, “The government is relying heavily on projections without addressing the structural bottlenecks that fuel inflation. The focus should be on building domestic capacity, especially in agriculture and manufacturing.”

In his opening remarks, the Chairman Senate Committee on Finance, Senator Sani Musa urged Ministries, Departments and Agencies (MDAs) to present a budget that is realistic, implementable, focused and tailored towards attainment of measurable outcomes.
Senator Musa said the MDAs budget should have a clear purpose and translate to tangible benefits for the populace on implementation.
He said the it was the responsibility of the legislature to ensure efficient and transparent allocation of government resources to drive development and needs of the people, adding that ministry of finance plays a foundational role in shaping economic policies and fiscal strategies.

“The impact of this action will be released across all sectors, and as such, this budget must reflect prudence, accountability, and alignment with the priority of the people.
“We understand the challenges you face in balancing the demands of your mandate with available resources.
“However, as custodians of the public costs, it is our collective responsibility to ensure that everyone contributes meaningfully to our shared goals.

“This session is an opportunity for MDAs to address the challenges they face supported by clear data and justifiable expenditures, this process is not adversarial but collaborative as we all share the common goal of advancing the economic well-being of our country,”Musa said.

As the National Assembly scrutinizes the 2025 budget, lawmakers are expected to press for clearer strategies to ensure that inflation targets align with economic realities. For now, the debate underscored a growing tension between the government’s optimistic outlook and the scepticism of legislators tasked with holding it accountable.

The discussion continues as Nigeria navigates the complexities of rebuilding its economy in an increasingly challenging global environment.