President Bola Ahmed Tinubu has reaffirmed his commitment to improving the economic well-being of Nigerians, vowing to work tirelessly until citizens feel the tangible benefits of the nation’s economic growth.

This assurance follows the latest report by the National Bureau of Statistics (NBS), which revealed that Nigeria’s Gross Domestic Product (GDP) grew by 3.46% year-on-year in the third quarter of 2024. This figure surpasses the 3.19% growth recorded in the previous quarter and the 2.54% growth achieved in Q3 2023.

Speaking on the development, Tinubu expressed optimism, noting that the consistent growth reflects the positive impact of his administration’s economic reforms. He reiterated his administration’s ambition of achieving a $1 trillion economy by 2030 and emphasized the importance of rebasing the economy by early 2025 to fully capture its evolving dynamics and sectoral contributions.

In a statement issued by his Special Adviser on Media and Public Communications, Sunday Dare, Tinubu remarked:

“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 highlighted that the ongoing reforms under his administration are already yielding results, pointing to improved fiscal management and strategic policies aimed at economic repositioning.

One notable aspect of the administration’s plans is the proposed tax reform, which aims to alleviate the burden on small businesses while fostering equitable distribution of resources across states. The reform seeks to address the “headquarters effect,” where states hosting company headquarters receive disproportionate tax benefits, to ensure greater fairness and equity.

“The new tax regime seeks to promote equity by reducing what is known as the headquarters effect in favor of spatial and demographic equity,” Tinubu explained.

The President emphasized that the administration’s economic goals go beyond GDP growth figures. The ultimate objective, he noted, is to improve the living standards of ordinary Nigerians and foster an environment where businesses thrive.

 

As the nation prepares for the rebasing of its economy, expected to take place in early 2025, Tinubu expressed confidence that Nigeria is firmly on the path to shared prosperity. He assured citizens that his administration will continue to prioritize policies that translate economic growth into real