President Bola Ahmed Tinubu has assured Nigerians that once the nation’s economy is rebased by early 2025, to capture its dynamism and record significant changes that have occurred in different sectors, the nation will be on its way to shared prosperity.
Welcoming the third quarter GDP growth figure released by the National Bureau of Statistics, the Special Adviser to the President on Media and Public Communications, Sunday Dare, on Monday stated President Tinubu’s assurance on the economy saying as the Nigerian economy continues to expand, Nigerians will experience better economic output.
The National Bureau of Statistics NBS in its newly released GDP growth for the third quarter stated that Nigeria’s GDP grew by 3.46%, compared to the 3.19% growth recorded in the second quarter.
President Tinubu added that his administration has not and will not forget his promise of a $1 trillion economy by 2030.
The President assured that the rebase of the economy by 2025 will capture the dynamism and record significant changes that have occurred in different sectors.
“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.”
Mr Dare said that the growth in GDP indicated President Tinubu’s quest for a more robust boost in the economy and, by extension, a better standard of living for all Nigerians is on course.
He added that the 3.46% growth indicated Nigeria’s recovery from the reforms’ unintended effects.
“The latest GDP growth in the third quarter is driven by key sectors such as Agriculture, Transport, Education, Health, Real Estate, Finance and Insurance, ICT, Trade, and Manufacturing.
“This performance once again shows that the reforms embarked upon by the Tinubu administration to reposition the economy and ensure better fiscal management are beginning to yield fruits.
Dare affirmed that the proposed tax reforms further indicated the Tinubu-led 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.
The NBS in its 2024 3rd quarter top contributing sectors to GDP identified Agriculture at 28.65%, ICT at 16.35%, Trade at 14.78%, Manufacturing at 8.21%, Crude Oil at 5.57%, Finance & Insurance at 5.51% and Real Estate at 5.43% as key indicators for Nigeria’s economic growth.
Comments are closed.