The Minister of Budget and Economic Planning, Abubakar Bagudu, has said that the 19 Northern states experienced a 42.06% debt reduction, from N1.98 trillion to N1.14 trillion, as a result of the economic reforms of President Bola Tinubu’s administration.
His remarks were contained in a statement issued by the ministry on Wednesday during his presentation to the Sir Ahmadu Bello Memorial Foundation at a two-day interactive session on government-citizen engagement held in Kaduna.
He also noted that the debt portfolio of the 36 states and Abuja was reduced by 33.4% from N5.8 trillion to N3.8 trillion under the president’s deft financial engineering.
Bagudu told his audience, “These results demonstrate the tangible benefits of macro-fiscal reforms. The Renewed Hope Agenda is delivering real value to citizens through improved subnational fiscal capacity. The Tinubu administration at the centre remains committed to fiscal transparency, equitable distribution, and continued collaboration with states and LGAs.”
Assessed by the quantum leap in revenue and massive debt reduction of the states, he said the North has made more significant economic progress under Tinubu.
