President Bola Tinubu has reaffirmed his commitment to ensuring that Nigerians directly benefit from the nation’s improving economy, following a newly released report by the National Bureau of Statistics (NBS) showing an uptick in Nigeria’s Gross Domestic Product (GDP).
The report revealed that Nigeria’s GDP grew by 3.46% in the third quarter of 2024, surpassing the 3.19% recorded in the second quarter. This growth underscores the nation’s recovery trajectory, despite the challenges posed by the administration’s economic reforms.
In a statement released by his Special Adviser on Media and Public Communications, Sunday Dare, Tinubu described the report as a positive indicator of the government’s efforts to revitalize the economy and improve the living standards of Nigerians.
“I am encouraged by the latest data from the National Bureau of Statistics, which shows that our economy grew in the third quarter beyond both last quarter’s performance and earlier projections. While this is welcome news, it also highlights the significant work still ahead,” Tinubu said.
He emphasized his administration’s commitment to fostering an economy that impacts Nigerians directly, stating, “We won’t rest until the positive changes reflect in the pockets of our citizens and translate to improved living standards. Our focus remains firmly on the welfare of the Nigerian people.”
The President reiterated his ambition to achieve a $1 trillion economy by 2030, emphasizing that the upcoming rebasing of the economy, slated for early 2025, would better capture the dynamic changes across various sectors.
Tinubu also highlighted the government’s ongoing tax reforms as pivotal to achieving fiscal equity and economic prosperity. “The proposed tax measures aim to reduce the burden on small businesses while ensuring a fairer distribution of national wealth,” he noted.
The reforms seek to address disparities in revenue allocation, particularly the so-called “headquarters effect,” where states hosting corporate headquarters disproportionately benefit from national tax revenues. The administration aims to promote equity across spatial and demographic lines to ensure that economic gains reach all corners of the country.
Tinubu’s statement comes amid increasing optimism that the administration’s policies, while initially disruptive, are beginning to yield measurable economic dividends, laying the groundwork for a more prosperous Nigeria.
