By Cross Udo, Abuja
President Bola Tinubu has expressed excitement over the latest report from the National Bureau of Statistics, which showed that the nation’s economy grew more than last quarter and beyond projected estimates in the third quarter.
Tinubu welcomed the development.
He said the latest figures also showed the amount of work needed to be done and promised that his administration would rest when Nigerians felt the positive impacts in their pockets and experienced a better living standard.
He assured Nigerians of better economic output as the economy continues to expand following the NBS’s newly released third-quarter GDP report.
According to the NBS, Nigeria’s GDP grew by 3.46 percent, compared to the 3.19 percent growth recorded in the second quarter.
A statement by Sunday Dare, Special Adviser to the President on Media and Public Communications, stated that the growth in GDP showed that Tinubu’s quest for a more robust boost in the economy and, by extension, a better standard of living for all Nigerians is on course.
According to the statement, “The 3.46 percent growth indicates Nigeria is recovering from the reforms’ unintended effects.
“President Tinubu said his administration has not and will never forget its promise of a $1trn economy by 2030.
“He assured that once the economy is rebased by early 2025 to capture its dynamism and record significant changes 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, “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.”
The statement further quoted President Tinubu as saying, “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.”
The top contributing sectors to GDP in Q3 2024 are Agriculture (28.65 percent), ICT (16.35 percent), Trade (14.78 percent), Manufacturing (8.21 percent), Crude Oil (5.57 percent), Finance and insurance (5.51 percent), and Real Estate (5.43 percent).
