The Federal Government says it has raised more than $6 billion from the World Bank and other development partners to fight poverty, build household resilience and widen economic opportunities for Nigerians.
The Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, made the disclosure in Abuja on Tuesday at the 32nd Nigerian Economic Summit, themed “Growth That Works: Delivering Jobs, Productivity and Shared Prosperity.”
Bagudu said the funds form part of efforts to improve livelihoods and support vulnerable households as economic reforms continue.
He ruled out any return to fuel subsidy, saying the government would keep to its reform path while fine-tuning policies where necessary.
“There will be no return to subsidy. We recognise the need to calibrate and do better,” he said.
According to the minister, the reforms are meant to stabilise the economy, raise productivity, create jobs and spread prosperity.
He said Nigeria’s economy has grown for two straight quarters, while inflation and interest rates are falling.
Bagudu added that revenue allocations to the federal, state and local governments have risen, with some states and local councils recording more than fivefold increases in monthly revenue. He said the sharing of revenue among the three tiers was meant to enable them to meet their constitutional obligations.
The minister said the government is targeting a $1 trillion economy, noting that this would demand sustained growth, higher productivity and wider participation in economic activity. He said President Bola Tinubu had charged the administration to build an inclusive economy that creates opportunities and delivers greater prosperity.
He called for stronger coordination among the three tiers of government on fiscal and monetary policies, and for better spending on security and infrastructure.
Bagudu said the government is also prioritising grassroots development, skills acquisition, early childhood development and support for small and medium-sized enterprises.
He added that better agricultural output and stronger domestic production would be key to creating jobs, raising incomes and improving living standards.
On the role of the private sector, the minister said investors need confidence in the economy to expand their businesses, boost productivity and employ more people.
“We are staying the course,” Bagudu said, reaffirming the administration’s commitment to its reforms.
He urged Nigerians to recognise the progress made so far and back efforts to sustain the reforms.
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