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Tinubu Optimistic About Nigeria’s Economic Future as GDP Grows by 3.46% in Third Quarter

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President Bola Tinubu has expressed confidence that Nigeria’s economy is on the path to improvement following the release of the National Bureau of Statistics’ third-quarter Gross Domestic Product (GDP) report.

The data revealed that Nigeria’s GDP grew by 3.46%, an increase from the 3.19% recorded in the previous quarter, signaling a positive trend in the country’s economic recovery.

In his remarks, President Tinubu reiterated his commitment to achieving a $1 trillion economy by 2030, a promise he remains resolute in fulfilling.

He assured Nigerians that by early 2025, when the economy is rebased to reflect its evolving sectors and greater dynamism, significant improvements will be visible.

This, he said, will pave the way for the country to experience shared prosperity and economic stability.

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The GDP growth of 3.46% is largely attributed to the performance of critical sectors, including Agriculture, Transport, Education, Health, Real Estate, Finance and Insurance, ICT, Trade, and Manufacturing.

These sectors played a vital role in driving the economy forward, demonstrating the positive impact of the reforms that have been implemented under President Tinubu’s administration.

The administration’s fiscal policies, including proposed tax reforms, are also expected to contribute to the economy’s growth.

The new tax regime aims to alleviate the financial burdens on small businesses and promote equity by ensuring a more even distribution of resources across regions.

This will help address the so-called “headquarters effect,” where states with corporate headquarters receive more benefits from taxes remitted nationwide.

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President Tinubu mentioned the significance of the third-quarter GDP growth, noting that it exceeded expectations and is a testament to the positive direction in which the economy is headed.

However, he acknowledged that there is still much work to be done.

“While we welcome this development, the latest figures also remind us of the work that remains.

We won’t rest until Nigerians feel the positive impacts in their pockets and experience a better living standard,” he said.

The sectors that made the most significant contributions to GDP in the third quarter of 2024 include Agriculture, which accounted for 28.65%, ICT at 16.35%, Trade at 14.78%, Manufacturing at 8.21%, Crude Oil at 5.57%, Finance and Insurance at 5.51%, and Real Estate at 5.43%.

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These figures show the diverse sources of economic growth and the importance of each sector in supporting Nigeria’s overall economic performance.


 

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US Criticizes Nigerian Governors for Spending Lavishly Despite Hardship

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The United States Embassy in Nigeria has raised concerns over the reckless spending habits of several Nigerian governors, accusing them of splurging public funds on luxury projects while citizens battle economic hardship.

On Tuesday, the embassy shared a report highlighting how some state leaders are spending billions on renovating or building lavish government residences and offices, despite the widespread suffering caused by current economic policies.

The report pointed out that while President Bola Tinubu has urged Nigerians to make sacrifices and endure the economic challenges, many governors appear to be doing the opposite.

One example cited was Oyo State, where Governor Seyi Makinde’s administration approved a massive N63.4 billion to renovate the Government House, calling the current structure “an embarrassment.”

In Gombe State, among the poorest in the country, Governor Inuwa Yahaya is spending N14.9 billion on a brand-new official residence, with an additional N14.23 billion going toward a new House of Assembly complex.

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Sharing the report via its official X (formerly Twitter) page, the US embassy included remarks from groups advocating for transparency and accountability, noting that this kind of excessive spending undermines public trust and deepens inequality.


 

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APC Says Tinubu Has Nothing to Fear and Cannot Be Defeated in 2027 Election

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The National Chairman of the All Progressives Congress (APC), Professor Nentawe Yilwatda, has declared that President Bola Tinubu is in a strong position ahead of the 2027 elections and has no reason to fear any opponent.

Speaking in Abuja during a visit by the APC League of Professionals to the party’s national headquarters, Yilwatda said the APC is fully prepared to secure victory for Tinubu and all its candidates at every level, from governorship to the state and national assemblies.

He credited the Tinubu administration’s achievements under the Renewed Hope Agenda as a key reason for the president’s growing support. Yilwatda highlighted initiatives such as the student loan programme, which he said has made higher education more accessible to children from poor families.

“For the first time in Nigeria’s history, the poorest child can now go to school without borrowing from anyone. That opportunity has been created by this government,” he said. He also pointed to a government-backed N1.5 billion investment into the Bank of Agriculture to support young Nigerians interested in farming, saying the administration is creating real opportunities for citizens.


 

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Atiku Says Opposition Coalition Is to Protect Nigeria Not Fight Tinubu

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Former Vice President Atiku Abubakar has explained the reason behind the formation of the new opposition coalition led by the African Democratic Congress (ADC). According to Atiku, the coalition was created to defend Nigeria’s democracy from what he sees as growing authoritarian tendencies and the manipulation of elections under the current ruling party.

He emphasized that the alliance is not about political heavyweights like himself, Peter Obi, Rotimi Amaechi, or Nasir El-Rufai battling for the 2027 presidency, but about safeguarding the country’s democratic future.

Atiku made it clear that the movement isn’t aimed at attacking President Tinubu, but rather focused on putting Nigeria first. “This isn’t about fighting Tinubu,” he said. “It’s about protecting democracy and making sure Nigerians come first.”


 

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