The Speaker of the House of Representatives, Tajudeen Abbas, has expressed confidence that Nigeria’s ongoing reforms under President Bola Tinubu -led administration will spur economic growth, alleviate poverty, and ensure long-term prosperity for the country.
In a statement shared on his X page yesterday, Abbas commended the administration for implementing bold reforms over the past eighteen months.
He highlighted measures such as the removal of fuel subsidies, the unification of foreign exchange rates, and the introduction of innovative economic policies, which he described as laying the groundwork for sustainable growth and development.
“While these reforms have required short-term sacrifices, they reflect courage and patriotism. History teaches us that transformative progress often stems from difficult decisions, as seen in the market reforms of China, India’s liberalisation, and South Korea’s industrialisation,” Abbas said.
He acknowledged the resistance these reforms have triggered from vested interests but lauded President Tinubu’s resolve to prioritise Nigerians’ welfare.
Abbas further noted that the National Assembly remains committed to supporting these reforms through legislative backing and public engagement to enhance understanding and acceptance.
The Speaker outlined the economic progress recorded in 2024, citing a 3.46 per cent GDP growth in the third quarter, up from 3.19 per cent in the second quarter, driven largely by the services sector.
He also explained the critical contribution of agriculture, which accounted for 17.22 per cent of nominal GDP in the first quarter and 22.61 per cent in the second quarter, despite challenges such as climate change and insecurity.
However, he expressed concerns over rising inflation, which reached 33.88 per cent in October, along with escalating food and energy costs that have strained households.
Despite these challenges, Abbas pointed to the International Monetary Fund’s projection of a 3.2 per cent growth rate for 2025 as an indication of a positive trajectory, provided reforms are sustained and structural issues addressed.
On the global stage, Abbas commended President Tinubu’s international engagements, noting that agreements from his visit to China in September 2024 are expected to transform rail transport, boost agriculture, enhance digital literacy, and strengthen national security.
