Minister of Budget and Economic Planning, Atiku Bagudu, has credited President Bola Tinubu’s bold economic reforms for Nigeria’s return to local crude oil refining after a 25-year hiatus.
Speaking in a TV documentary marking Tinubu’s second year in office, Bagudu said, “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.”
This move, according to the minister, marks the end of decades of dependence on imported petroleum products that weakened the economy. He highlighted key reforms such as the removal of fuel subsidy, naira-based crude oil sales, and the unification of the forex market.
“We were losing 5% of our GDP to fuel subsidies, money that benefited only a few,” Bagudu said.
While he acknowledged persistent security challenges such as pipeline vandalism, he emphasized the administration’s ambition to boost crude production. “We have exceeded the 2.1 million barrels per day target, but security remains crucial. Tinubu aims for 2 million barrels per day by 2027 and 3 million by 2030.”
Bagudu added that the NNPC is projected to refine 200,000 barrels daily by 2027 and 500,000 barrels by 2030.
He also praised Tinubu’s appointment of former Shell executive Bayo Ojulari as NNPC boss, alongside an 11-member board, aimed at enhancing efficiency.
On the economy, Bagudu reported four quarters of growth, improved forex stability, and renewed investor confidence from countries like Brazil and Saudi Arabia.
Describing the reforms as a “fitness regimen,” he said, “It may feel painful now, but we are building the muscles of progress.”
The 2025 budget of ₦54.99 trillion prioritises infrastructure, security, and social welfare. Bagudu concluded that Tinubu’s leadership has made the Renewed Hope Agenda a reality in just two years.
