Bagudu Admits Tinubu’s Reforms Have Deepened Cost-of-Living Pressures

Budget and Economic Planning Minister Abubakar Bagudu says the removal of the petrol subsidy and foreign exchange reforms have added to the cost-of-living pressures facing Nigerians. He said global conflicts, trade disruptions and other international pressures had also pushed up food prices and household expenses. Bagudu defended the policies as necessary to stabilise the economy, strengthen public finances and improve revenues shared by the Federal Government, states and local governments. He said states now have greater capacity to fund salaries, infrastructure, education and security. The minister said the government is pursuing higher domestic production and more efficient tax collection, while aiming to grow Nigeria into a $1 trillion economy by 2030. He added that stronger macroeconomic indicators must eventually lead to visible improvements in living standards.

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