President Bola Tinubu has promised to ensure that Nigerians see real economic progress as the country’s economy continues to grow steadily.
The National Bureau of Statistics (NBS) recently announced a 3.46% growth in Nigeria’s Gross Domestic Product (GDP) for the third quarter, an increase from the 3.19% growth in the second quarter.
This development demonstrates progress in the President’s commitment to a stronger economy and improved quality of life for the people.
Tinubu recognized the latest GDP figures as a positive sign of recovery from the unintended consequences of recent economic reforms. He restated his government’s objective of achieving a $1 trillion economy by 2030, highlighting that efforts are underway to reach this goal.
In a statement issued by his Special Adviser on Media and Public Communications, Sunday Dare, Tinubu expressed optimism about the country’s economic trajectory.
He noted that plans to rebase the economy by early 2025 would capture changes across various sectors and pave the way for shared prosperity.
“I am pleased with the report from the NBS that our economy grew in the third quarter, surpassing the last quarter and exceeding projections,” Tinubu stated. “However, there is still much work ahead. We will not rest until Nigerians feel the benefits in their daily lives and experience an improved standard of living.”
The President highlighted the positive impact of his administration’s economic reforms, focusing on better fiscal management and increased equity. He also pointed to upcoming tax reforms to reduce the burden on small businesses and ensure a fairer distribution of tax benefits across regions.
“The new tax regime will promote equity by addressing the headquarters effect, where states hosting company headquarters disproportionately benefit from national taxes. This approach will foster spatial and demographic fairness,” Tinubu explained.
The administration’s efforts signal a clear commitment to fostering inclusive growth and ensuring the economic recovery benefits all Nigerians.
