President Bola Tinubu has reaffirmed his commitment to ensuring that Nigerians experience tangible economic progress, following the release of the third-quarter Gross Domestic Product (GDP) report by the National Bureau of Statistics (NBS).
According to the NBS report, Nigeria’s GDP grew by 3.46% in the third quarter, an improvement from the 3.19% growth recorded in the second quarter.
The figures underscore the nation’s gradual recovery from the unintended effects of recent economic reforms.
Weighing in on the development, President Tinubu expressed optimism, highlighting his administration’s commitment to achieving a $1 trillion economy by 2030.
In a statement by his Special Adviser on Media and Public Communications, Sunday Dare, Tinubu said, “Once the economy is rebased by early 2025 to capture its dynamism and record significant changes that have occurred in different sectors, the country will be on its way to shared prosperity.”
Speaking on the GDP growth, Tinubu added, “I am excited by the latest report from the National Bureau of Statistics that our economy grew in the third quarter more than last quarter and even beyond projected estimates. While I welcome this development, the latest figure also shows the much work that needs to be done.
“We won’t rest until Nigerians feel the positive impacts in their pockets and experience a better living standard. My administration remains committed to the welfare of our people.”
Tinubu also made it known that the ongoing economic reforms are starting to yield results.
He noted that the proposed tax reforms are designed to ease the tax burden on small businesses and promote fairness across the country.
“The proposed tax reforms also indicate the administration’s resolve to reduce the tax burden on small businesses and spread prosperity to the poor. The new tax regime seeks to promote equity by reducing what is known as the headquarters effect – a situation where states, where company headquarters are based, get more benefits because their taxes for the whole nation are remitted – in favour of spatial and demographic equity,” Tinubu noted.
The President’s remarks further reinforce his administration’s pledge to revitalize Nigeria’s economy and improve the standard of living for all citizens.
