Minister of Budget and Economic Planning, Abubakar Bagudu, has rejected calls to restore petrol subsidy, warning that reversing the policy could undermine gains made under President Bola Tinubu’s economic reforms.
Opposition politicians, including African Democratic Congress presidential candidate Atiku Abubakar, have promised to restore the subsidy as part of efforts to ease the rising cost of living.
Bagudu, however, said the government remained committed to sustaining the reforms while making necessary adjustments to address economic realities and improve their implementation.
He recalled that Tinubu presented a memorandum on the sustainability of the reforms at a National Economic Council meeting in October 2025, highlighting the need for a framework to ensure their continuity despite differing views on the policies.
The minister said the administration’s priority was to consolidate progress, tackle the difficulties confronting households and businesses, and ensure that the benefits of economic growth reached more Nigerians.
He said the government was investing in agriculture, manufacturing, infrastructure, digital technology and human capital to promote inclusive and sustainable growth.
Bagudu made the remarks while commending the Nigerian Economic Summit Group for providing a platform for engagement among the government, private sector, organised labour, academia, civil society and development partners.
He said the summit offered an opportunity to assess the country’s economic challenges, review ongoing reforms and develop practical recommendations to accelerate national development.
According to him, the Renewed Hope Agenda seeks to address longstanding structural distortions, strengthen the foundations for investment and expand productive activities.
He said the ultimate goal was to build a resilient economy capable of creating opportunities, improving livelihoods and delivering tangible benefits to Nigerians.
Discussion0