By Kolawole Ojebisi
The Speaker of the House of Representatives, Abbas Tajuddeen, has explained why the year 2024 is a mixed bag of economic fortunes for both Nigeria and Nigerians.
Abbas noted that the country recorded positive developments in some sectors while the pieces of news in some quarters were not quite cheering.
The speaker made this claim in a vote of thanks after the presentation of the 2025 Appropriation Bill before the joint sitting of the National Assembly by the President on Wednesday.
He said, “Your Excellency, 2024 has been a year of mixed economic fortunes. The National Bureau of Statistics reported GDP growth of 3.46% in the third quarter, up from 3.19% in the second, largely driven by the services sector.
“Despite challenges posed by climate change and insecurity, agriculture remained a critical contributor, accounting for 17.22% of nominal GDP in the first quarter and 22.61% in the second quarter. However, inflation, rising to 33.88% in October, alongside escalating food and energy costs, continues to strain households across the country.
“Nonetheless, the International Monetary Fund’s projection of 3.2% growth for 2025 underscores a positive trajectory if reforms are sustained and structural issues addressed.
“The removal of fuel subsidies, unification of foreign exchange rates, and introduction of innovative economic policies have laid a solid foundation for sustainable growth and development.
“While these reforms have demanded short-term sacrifices, they are acts of courage and patriotism. These lessons inspire confidence that Nigeria’s ongoing reforms will foster economic growth, reduce poverty, and ensure long-term prosperity.
“Mr. President, your administration’s reforms have disrupted the status quo, sparking resistance from vested interests. Yet, these courageous measures underscore your resolve to prioritise the welfare of Nigerians.
“The National Assembly stands ready to support these reforms through legislative backing and to facilitate public engagement for greater understanding and acceptance. Collaboration between all arms of government remains essential to achieving our shared objectives”.
