By Stella Odueme
Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has said President Bola Tinubu will sustain Nigeria’s economic reforms, insisting that the Federal Government will not return to fuel subsidy.
Bagudu said the administration remained committed to consolidating the gains of the reforms, improving implementation and addressing the economic difficulties confronting households and businesses.
He spoke at the 32nd Nigerian Economic Summit (NES#32), which opened in Abuja on Monday with the theme, “Growth that Works: Delivering Jobs, Productivity and Shared Prosperity”.
“For those of us serving under the President and Vice President, the instruction has been clear: we must stay the course,” the minister said.
His remarks came amid calls by opposition politicians, including African Democratic Congress presidential candidate, Alhaji Atiku Abubakar, for the restoration of petrol subsidy as a measure to ease the rising cost of living.
Bagudu, however, argued that reversing the policy would undermine the progress achieved through the reforms and revive the economic distortions associated with the previous subsidy regime.
He recalled that Tinubu had taken deliberate steps to ensure the continuity of the reforms, including presenting a memorandum on their sustainability at a National Economic Council meeting in October 2025.
According to him, the discussions recognised differing perspectives on the reforms and the need for a framework to guarantee their continuation.
The minister clarified that sustaining the reforms did not mean the government would ignore changing economic realities, stressing that necessary policy adjustments would be made to improve implementation.
“There will be no return to the fuel subsidy and the economic distortions associated with the previous system,” he declared.
Bagudu said the administration’s immediate priority was to consolidate progress, address the difficulties facing Nigerians and ensure that economic growth generated employment, improved productivity and delivered shared prosperity.
He listed agriculture, manufacturing, infrastructure, digital technology and human capital development among the key sectors receiving government attention to promote inclusive and sustainable growth.
The minister commended the Nigerian Economic Summit Group (NESG) for providing a platform for engagement among government officials, private-sector operators, organised labour, academics, civil society organisations and development partners.
He said the summit provided an opportunity to examine Nigeria’s economic challenges, evaluate ongoing reforms and develop practical recommendations for accelerating national development.
Bagudu explained that the Renewed Hope Agenda was designed to reposition the economy for sustainable growth by addressing longstanding structural distortions, strengthening the investment climate and expanding productive activities.
He added that the ultimate objective was to build a resilient economy capable of creating opportunities, improving livelihoods and delivering tangible benefits to citizens.
The minister also highlighted improvements in key macroeconomic indicators and increased revenue allocations to the Federal, State and Local Governments.
He said the additional revenue available to subnational governments presented opportunities to expand infrastructure, improve public services and pursue development priorities.
According to him, the distribution of increased revenue across the federation reflected Tinubu’s commitment to fiscal federalism and the effective functioning of the three tiers of government.
He stressed that stronger coordination among the different levels of government was necessary to translate available resources into measurable development outcomes.
While acknowledging the progress recorded, Bagudu said Nigeria needed to sustain its reforms, strengthen domestic production and attract more investments to achieve its ambition of becoming a one-trillion-dollar economy by 2030.
He identified improved productivity, greater private-sector participation, expanded industrial capacity and a more competitive business environment as essential requirements for achieving the target.
The minister acknowledged that households and businesses continued to face economic pressures, noting that reforms must be supported by effective implementation, responsive policy adjustments and interventions to protect vulnerable groups.
He said the government must ensure that economic gains translated into improved living conditions, stronger businesses and increased opportunities for Nigerians.
On grassroots development, Bagudu highlighted the Renewed Hope Ward Development Plan, which seeks to identify and unlock productive opportunities across the country’s 8,809 wards.
He explained that the initiative would identify the economic strengths of individual communities and develop targeted interventions to increase local production, boost household incomes and generate employment.
Communities with potential in agriculture, fishing, livestock, textiles and other productive activities, he said, would require support tailored to their specific resources and needs.
According to him, unlocking economic opportunities at the ward level would strengthen local economies, broaden the foundations of national growth and extend development beyond major urban centres.
Bagudu identified agriculture as a major driver of economic diversification, food security and employment generation.
He stressed the need to improve farmers’ access to inputs, financing, mechanisation and irrigation while strengthening agricultural value chains through initiatives such as the National Agricultural Mechanisation Policy and the National Agricultural Mechanisation Investment Strategy.
He added that increasing agricultural production must be accompanied by improvements in processing, storage, transportation, distribution and market access.
Such measures, he said, would reduce post-harvest losses, improve food availability and affordability, increase farmers’ incomes and create sustainable opportunities for agribusinesses and rural communities.
On industrial development, the minister said manufacturing remained essential for promoting local value addition, creating skilled jobs and reducing dependence on imported goods.
He cited the Nigeria Industrial Policy 2025 and the Nigeria First Policy as part of efforts to strengthen domestic production, deepen local supply chains and improve the competitiveness of Nigerian businesses.
Bagudu also identified digital technology, financial services and trade as sectors capable of boosting productivity, encouraging innovation and expanding economic opportunities.
He disclosed that the Federal Government was collaborating with the European Union and the European Bank for Reconstruction and Development on a fibre-optic infrastructure initiative involving approximately 90,000 kilometres of network deployment.
The initiative, he said, was aimed at expanding broadband connectivity and supporting business growth.
On human capital development, Bagudu said Nigeria’s long-term competitiveness depended on the knowledge, health, skills and productive capacity of its citizens.
He highlighted government interventions in education, healthcare, foundational learning, skills development and social protection, including the Human Capital Opportunities for Prosperity and Equity programmes and the Nigerian Education Loan Fund.
The minister further stressed the importance of equipping young Nigerians with the skills required to compete in an evolving labour market, particularly as artificial intelligence and other emerging technologies transform industries and occupations.
He said investments in digital, technical and entrepreneurial skills would improve employability, encourage innovation and strengthen Nigeria’s position in the global economy.
Bagudu also called for improved access to finance for micro, small and medium-sized enterprises, noting that businesses needed adequate capital to invest, innovate, expand and create jobs.
He highlighted efforts to develop financing support mechanisms, including a proposed credit guarantee framework, to address barriers preventing viable enterprises from accessing funds.
The minister urged public- and private-sector stakeholders to strengthen collaboration and mobilise domestic and international capital to bridge Nigeria’s development financing gap.
He maintained that credible public-private partnerships, stronger domestic capital markets and improved access to finance were critical to expanding productive capacity, attracting investments and accelerating the country’s economic transformation.