Bagudu: CBN, ONSA Partnership Strengthened Naira

•Says payment of subsidy brought economy to standstill

James Emejo in Abuja

Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has commended the collaboration between the Central Bank of Nigeria (CBN) and the Office of the National Security Adviser (ONSA) which helped contain the activities of currency speculators and manipulators, adding that the cooperation also shored up the value of the Naira.

The minister further noted that President Bola Tinubu’s economic reforms have started to bear fruits by restoring faith in the economy.

Speaking when he

Bagudu: CBN, ONSA Partnership Strengthened Naira

•Says payment of subsidy brought economy to standstill

James Emejo in Abuja

Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has commended the collaboration between the Central Bank of Nigeria (CBN) and the Office of the National Security Adviser (ONSA) which helped contain the activities of currency speculators and manipulators, adding that the cooperation also shored up the value of the Naira.

The minister further noted that President Bola Tinubu’s economic reforms have started to bear fruits by restoring faith in the economy.

Speaking when he appeared on the Nigerian Television Authority (NTA), Bagudu said the reforms have restored confidence in the economy, adding that foreign investors had renewed their interest in the economy.

The minister pointed out that though the removal of the petrol subsidy had caused some pain, the policy had increased the quantum of funds available to the three tiers of government to invest in critical infrastructure that would regenerate the economy, explaining that before 29 May 2023, the finances of the government were fragile.

He said, “The payment of subsidies affected the quantum of revenue available to all the layers of government so much so that the economy was at a standstill. The reform measures that were taken were in tandem with the Renewed Hope agenda and the eight priority areas of the Tinubu administration to regenerate confidence in the economy and provide resources to invest in the productive sector.”

He said both objectives of the reforms had been achieved, adding that governments at all levels had acquired more capacity to support the economy.

Bagudu said, “The federal government has expanded social investment support to ensure that those who are at the lower end of the income strata of the society, who are affected by the reforms are helped to cope.

“All the sectors that will enable the gains to be achieved, including Agriculture, Infrastructure, and security have seen more funding. Sectors that invest in them will secure our future like education, health, and social investment have received not only increased budgetary allocation but also speedy implementation.”

He explained that programmes were also introduced to support the sectors so that manufacturing activities could resume, and agricultural activity could be better supported on a more sustainable basis.

Bagudu said part of the steps that were taken to boost employment was the provision of mortgage funds to regenerate the mortgage sector so that activities in the sector could increase.

Nonetheless, the minister pleaded with Nigerians to persevere, stressing that the president had persistently empathised with them.

appeared on the Nigerian Television Authority (NTA), Bagudu said the reforms have restored confidence in the economy, adding that foreign investors had renewed their interest in the economy.

The minister pointed out that though the removal of the petrol subsidy had caused some pain, the policy had increased the quantum of funds available to the three tiers of government to invest in critical infrastructure that would regenerate the economy, explaining that before 29 May 2023, the finances of the government were fragile.

He said, “The payment of subsidies affected the quantum of revenue available to all the layers of government so much so that the economy was at a standstill. The reform measures that were taken were in tandem with the Renewed Hope agenda and the eight priority areas of the Tinubu administration to regenerate confidence in the economy and provide resources to invest in the productive sector.”

He said both objectives of the reforms had been achieved, adding that governments at all levels had acquired more capacity to support the economy.

Bagudu said, “The federal government has expanded social investment support to ensure that those who are at the lower end of the income strata of the society, who are affected by the reforms are helped to cope.

“All the sectors that will enable the gains to be achieved, including Agriculture, Infrastructure, and security have seen more funding. Sectors that invest in them will secure our future like education, health, and social investment have received not only increased budgetary allocation but also speedy implementation.”

He explained that programmes were also introduced to support the sectors so that manufacturing activities could resume, and agricultural activity could be better supported on a more sustainable basis.

Bagudu said part of the steps that were taken to boost employment was the provision of mortgage funds to regenerate the mortgage sector so that activities in the sector could increase.

Nonetheless, the minister pleaded with Nigerians to persevere, stressing that the president had persistently empathised with them.

He said, “We must take note that President Tinubu has empathised with the people and assured them that the reforms were not intended to inflict pain on them but that they were necessary measures to reposition the economy.”