President Bola Tinubu has promised to continuously introduce economic policies and programs that would improve Nigerians’ standard of living across the country.
Tinubu said that his administration is committed to embarking on any policy and program that would improve Nigerians’ welfare across the country.
The president gave the assurance on Monday while responding to the 2024 third-quarter Gross Domestic Product report released by the National Bureau of Statistics (NBS).
He added that Nigerians should begin to expect better economic output as the administration continues to expand the economy, to improve the welfare of its citizens.
He said: “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 added that his administration is committed to promises made during the political campaign especially the $1 trillion economy by 2030. He assured that 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.
According to him, the growth in GDP shows our quest for a more robust boost in the economy, and, by extension, a better standard of living for all Nigerians is on course.
“This performance once again shows that the reforms embarked upon by our administration to reposition the economy and ensure better fiscal management are beginning to yield fruits”.
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.
According to the NBS, Nigeria’s GDP grew by 3.46%, compared to the 3.19% growth recorded in the second quarter. The 3.46% growth indicates Nigeria is recovering from the reforms’ unintended effects.
The top contributing sectors to GDP in Q3 2024 are Agriculture 28.65%, ICT 16.35%, Trade 14.78%, Manufacturing 8.21%, Crude Oil 5.57%, Finance & Insurance 5.51% and Real Estate 5.43%.
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.
