President Bola Ahmed Tinubu has linked slow economic growth rate to the reason his administration to embark on various reforms aimed at achieving sustainable and inclusive growth.
The President disclosed this at the 54th Annual Accountants’ Conference with the theme: ‘Governance reimagined: Mapping the future.
He stressed Nigeria was not growing fast enough and decades of underinvestment have hindered the economy’s potential.
Represented by the Minister of Budget and Economic Planning, Alhaji Abubakar Atiku Bagudu, the President said his administration’s Renewed Hope agenda was designed to address this reality, adding that his strategy involves making necessary choices to stop the decline and put the country on a path to higher, sustainable, and inclusive growth.
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Tinubu highlighted the progress made so far, citing positive GDP growth in the first and second quarters of 2024, decreasing inflation and a stabilising foreign exchange market, saying that these indicators demonstrate that the reforms are yielding encouraging results.
The President listed some of the key reforms implemented by his administration to include digitisation of revenue collection and government services, consumer credit system, mortgage system reform, CNG penetration, and agriculture development fund.
Tinubu noted that removing punitive subsidies has reduced revenue bleeding, allowing the three tiers of government to receive higher allocations, enabling more support for vulnerable populations.
He further said the administration has increased social investment spending, raised the minimum wage, made student loans available, and provided interventions to support key sectors such as NANO, MSME, farming, fishing and livestock.