Bagudu made the announcement on Tuesday while defending his ministry’s 2025 budgetary projections in front of the National Assembly Joint Committees on National Planning in Abuja, which Hon. Isiaka Ibrahim and Senator Yahaya Abdullahi chaired.
He thinks that President Tinubu need to have assistance in carrying out his plan for renewed hope.
“We are committed to continuing on the path that President Bola Tinubu has led the economy in.
“With your help and under President Bola Tinubu’s leadership, our economy has turned around and is headed in the right direction. The good trajectory is being maintained, and the Renewed Hope Agenda Strategy is effectively addressing our decades of underinvestment, Bagudu stated.
He cited increasing GDP, reducing the deficit, and avoiding the use of illegal means, which went from over 6.1 percent in 2023 to less than 4 percent in 2024, as indicators that the economy is doing well under President Tinubu’s leadership.
“States and local governments, which are subnational entities, now have more cash thanks to the reform agenda. All levels of government are receiving more FAAC funding. He assured the lawmakers that the gain will be maintained through reforms such as the removal of gasoline and FOREX subsidies.
“As part of efforts to drive revenue to finance the 2025 budget, President Tinubu charged the petroleum, solid mineral, and creative industry sectors with developing their potential,” he stated.
In order to enhance economic activity and create significant cash to fund ongoing important infrastructures, Bagudu asked the National Assembly for support for his ministry’s implementation of innovative financing initiatives.
“The Federal Ministry of Budget and Economic Planning, which is in charge of marketing the Renewed Hope Agenda and Agenda 2050 initiatives, is prepared to step up its creative funding to advance the construction of the Renewed Hope Infrastructure, which includes housing, roads, and railroads. For our innovative and high-impact programs, such as the Renewed Hope Infrastructure Fund, Consumer Credit, National Agriculture Development Fund, Mortgage Fund, CNG Energy Transition, Student Loans Fund, and assistance to NANO and MSMEs, we will increase our efforts to generate money,” he stated.
He clarified that the administration was committed to raising crude oil output above the projected 2.06 barrels per day at a cheaper cost, in addition to the money that would be generated by maintaining fuel and eliminating FX subsidies.
Additionally, he urged MPs to approve the tax reform proposals, claiming that doing so would make it easier for the government to reach its goal of 18% revenue to GDP.
According to the Minister, more money will enter the national treasury as the oil Oil Theft Committee intensifies its efforts to stop oil theft.
