Posted by Restoring faith in the country’s economy, Bagudu told newsmen on Friday in Abuja.
The minister was described by his Special Assistant on Media, Bola Adebiyi, as adding that Nigeria had reawakened interest from overseas investors.
Despite the fact that the policy’s elimination of the gasoline subsidy was painful, it has boosted the amount of money that the three levels of government have to invest on essential infrastructure.
Before May 29, 2023, the government’s finances were precarious; this vital infrastructure would revitalize the economy.
The government’s ability to collect tax money was so impacted by subsidy payments that it froze the economy.
He explained that the reforms were part of a larger effort to restore faith in the economy and fund investments in productive areas, as outlined in the Tinubu administration’s eight priority areas and the Renewed Hope Agenda.
Bagudu claims that the changes were successful in accomplishing their goals since the federal, state, and local governments are now better able to bolster the economy.
He claims that the federal government has increased funding for social investment to help the poor and middle class adjust to the changes.
Increased financing has gone to the agricultural, infrastructural, and security sectors—all of which are essential to achieving the gains.
Increased funding has gone to areas that will ensure our survival, such as healthcare, education, and social investment.