From Juliana Taiwo-Obalonye, Abuja
Minister of Budget and Economic Planning, Atiku Bagudu, credited Nigeria’s resumption of local crude oil refining after 25 years to President Bola Tinubu’s bold economic reforms.
In a statement by Special Adviser on Information and Strategy, Bayo Onanuga, Bagudu shared these insights during an interview for a TV documentary marking Tinubu’s second anniversary in office.
“For the first time in 25 years, Nigeria is refining oil. Mr President was courageous enough to allow crude sale in naira to our refiners,” Bagudu said, noting that this ends decades of reliance on imported petroleum products, which strained the economy.
He highlighted the naira-based crude sale policy, fuel subsidy removal, and foreign exchange market unification as key reforms driving growth. “We were losing 5% of our GDP on fuel subsidy—money going to just a few,” he added.
Bagudu acknowledged security challenges like pipeline vandalism but remained optimistic, stating, “Although we surpassed the oil production target of 2.1 million barrels per day, security remains a key challenge.” He emphasised Tinubu’s vision to boost production to 2 million barrels daily by 2027 and 3 million by 2030, with NNPC’s refining output targeted at 200,000 barrels daily by 2027 and 500,000 by 2030.
In April 2025, Tinubu appointed Bayo Ojulari, a former Shell executive, as NNPC’s managing director, alongside an 11-member board to enhance efficiency. Bagudu noted four quarters of economic growth, stable foreign exchange, and growing investor confidence from countries like Brazil and Saudi Arabia. “Investors want credible, transparent policies,” he said, likening reforms to a fitness regimen: “It might feel painful now, but the muscles of progress are forming.”
The 2025 budget of ₦54.99 trillion supports security, infrastructure, and social welfare while maintaining fiscal discipline. Bagudu praised Tinubu’s handling of inherited ₦22.7 trillion in Central Bank financing and the teamwork of the Presidential Economic Coordination Council. “This is two years well spent,” he concluded, affirming the “Renewed Hope Agenda’s” tangible results.
Leave a comment