November 25, 2024
By Idris Buba
President Bola Tinubu, has said he is pleased with the latest report from the National Bureau of Statistics, NBS, which indicated that the nation’s economy grew in the third quarter exceeding last quarter and beyond projected estimates.
Excited about the development, Tinubu, explained that the latest figure is also a pointer that much work needed to be done and promised that his administration would not relent until Nigerians feel the impact of the economic in their standard of living.
The President assured Nigerians of better economic output as the economy would continue to expand following the newly released third quarter GDP report by the NBS, that revealed Nigeria’s GDP grew by 3.46%, compared to the 3.19% growth recorded in the second quarter.
In a statement by the president’s Special Adviser to the President on Media and Public Communications, Sunday Dare, that the growth in GDP showed Tinubu’s quest for a more robust economy and by extension, a better standard of living for all Nigerians.
According to the statement, “The 3.46% growth indicates Nigeria is recovering from the reforms’ abnormalities.
“President Tinubu, reiterated his promise of a $1 trillion economy by 2030.
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“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.”
The statement further explained that the latest GDP growth in the third quarter was 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,” it said.
It added that: “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.”
