The federal government says it will not bring back fuel subsidies. It has also promised to keep the economic reforms of President Bola Tinubu’s administration going, despite the strain on households and businesses.
Minister of Budget and Economic Planning, Senator Abubakar Bagudu, said this on Monday in Abuja. He spoke at the 32nd Nigerian Economic Summit (NES#32), themed “Growth that Works: Delivering Jobs, Productivity and Shared Prosperity”.
No Going Back On Subsidy
Bagudu said there would be no return to subsidy or to the distortions that came with it. He added that officials serving under the President and Vice President have been told to stay the course.
Some opposition politicians have promised to restore the petrol subsidy to ease the cost of living. They include the African Democratic Congress presidential candidate, Alhaji Atiku Abubakar.
Bagudu said that move would turn back the clock. He argued that the reforms had stabilised the economy and set it on a growth path.
He said Tinubu took deliberate steps to protect the reforms. At the National Economic Council meeting in October 2025, the President presented a memorandum on their sustainability. Members acknowledged differing views and the need for a framework to ensure continuity.
Bagudu added that sustaining the reforms does not rule out policy adjustments. These, he said, could respond to current realities and improve implementation.
Revenue And The $1 Trillion Target
The minister pointed to better macroeconomic indicators. He also noted higher revenue for the Federal, State and Local Governments.
He said this reflects the President’s commitment to fiscal federalism. States and councils, he added, should use the extra funds to build infrastructure and improve public services.
Bagudu said Nigeria must keep reforming, grow local production and attract more investment to reach a one-trillion-dollar economy by 2030. That would need higher productivity, a stronger private sector and a more competitive business climate.
He admitted that households and businesses are under pressure. Reforms, he said, must come with good implementation and policies that protect vulnerable people.
Plans For Wards, Farms And Factories
Bagudu highlighted the Renewed Hope Ward Development Plan. It aims to unlock economic opportunities across Nigeria’s 8,809 wards, with support matched to each community’s strengths in areas like farming, fishing, livestock and textiles.
He called agriculture central to food security, jobs and diversification. He stressed access to inputs, finance, mechanisation and irrigation. He also said better processing, storage and transport are needed to cut post-harvest losses.
On manufacturing, he cited the Nigeria Industrial Policy 2025 and the Nigeria First Policy. Both aim to deepen local supply chains and make Nigerian firms more competitive.
Digital, Skills And Finance
Bagudu said digital technology, financial services and trade can lift productivity. He noted a fibre-optic project with the European Union and the European Bank for Reconstruction and Development. It covers about 90,000 kilometres of network.
He said young Nigerians need digital, technical and entrepreneurial skills for a job market reshaped by artificial intelligence. He cited programmes in education, health and social protection, including the Nigerian Education Loan Fund.
The minister also called for easier access to finance for micro, small and medium-sized enterprises. He mentioned a proposed credit guarantee framework. He urged government and private players to work together to close the financing gap.
