President Bola Ahmed Tinubu has expressed optimism about Nigeria’s economic trajectory following the release of the third-quarter Gross Domestic Product (GDP) report by the National Bureau of Statistics (NBS).

The report revealed that Nigeria’s GDP grew by 3.46% in Q3 2024, an improvement from the 3.19% recorded in the second quarter, signaling continued recovery and growth amidst economic reforms.

He described the development as a sign that his administration’s reforms are yielding results while reaffirming his commitment to building a $1 trillion economy by 2030.

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In a statement released by his Special Adviser on Media and Public Communications, Sunday Dare, President Tinubu expressed optimism about the country’s economic prospects but acknowledged that more work remains.

“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,” Tinubu said. “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.”

The President reaffirmed his administration’s pledge to achieve a $1 trillion economy by 2030, emphasizing that an upcoming rebasing of Nigeria’s GDP in 2025 would highlight structural changes and pave the way for shared prosperity.

“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,” he stated.

Tinubu also pointed to proposed tax reforms as a critical tool for driving equity and inclusive growth. He highlighted plans to ease the tax burden on small businesses and tackle the “headquarters effect,” where states housing corporate headquarters disproportionately benefit from tax revenues.

“The proposed tax reforms demonstrate our resolve to reduce the tax burden on small businesses and promote equity,” Tinubu said.

The President reiterated his commitment to ensuring that economic growth translates into tangible improvements in the lives of Nigerians, stressing that his administration remains focused on creating opportunities and reducing poverty across the country.

In a summit in Fiuggi, Italy, G7 foreign ministers are meeting for two days to discuss a variety of global challenges, including the recent arrest warrant issued by the International Criminal Court (ICC) for Israeli Prime Minister Benjamin Netanyahu.

Italian Foreign Minister Antonio Tajani, who is hosting the conference, stated on Monday that he does not expect difficulty in reaching a consensus on the matter.

“It’s not an immediate and actual problem. I don’t think Netanyahu will come to Italy or anywhere else,” Tajani told Corriere della Sera, downplaying the potential significance of the arrest warrant.

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The ICC issued arrest warrants on Thursday for Netanyahu, recently dismissed Israeli Defense Minister Yoav Gallant, and Hamas military leader Mohammed Deif, following allegations of war crimes connected to the ongoing Gaza conflict.

While Israel’s allies have criticized the decision, ICC member states are expected to uphold the warrants, despite ongoing debates about how to address Netanyahu’s case.

Along with the Middle East crisis, the G7 ministers will also discuss key global issues such as the war in Ukraine, the potential impact of a Donald Trump re-election, and the growing tensions surrounding Taiwan, which China considers part of its territory.

This summit, the final G7 foreign ministers’ meeting of the year, comes as Italy holds the G7 presidency until the end of December, making it a critical moment for the group to align on these significant global concerns.

The Nigerian government is pushing ahead with new borrowing plans to fund its 2024 budget deficit, even as several federal agencies report exceeding their revenue targets.

During a presentation at the Senate Joint Committees on Finance, National Planning, and Economic Affairs, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, defended the need for additional loans.

He stated that borrowing must be “productive and efficient” and based on Senate approval to ensure proper budget funding.

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Minister of Budget and Economic Planning, Senator Atiku Bagudu, echoed this position, noting that the ₦35.5 trillion 2024 budget includes a ₦9.7 trillion deficit. According to Bagudu, borrowing is necessary to address this gap.

Despite the government’s borrowing plans, key agencies presented strong revenue performances that raised questions about the necessity of additional loans.

The Economic and Financial Crimes Commission (EFCC) Chairman, Ola Olukoyede revealed that the EFCC has recovered over ₦197 billion in 2024.

He stated, “If the government works hard and derives the requisite collection from International Oil Companies (IOCs), the country would have enough to fund the budget.”

Also the Nigeria Customs Service Comptroller General, Bashir Adeniyi announced that Customs exceeded its ₦5.09 trillion target for 2024, collecting ₦5.352 trillion.

Adeniyi projected ₦6.3 trillion in revenue for 2025, with plans to increase targets by 10% annually for 2026 and 2027.

The Nigerian National Petroleum Company Limited (NNPCL) Group Chief Executive Officer, Mele Kyari reported that NNPCL surpassed its ₦12.3 trillion revenue projection for 2024, generating ₦13.1 trillion. For 2025, the company aims to remit ₦23.7 trillion into the federation account.

Additionally, the Federal Inland Revenue Service (FIRS), Chairman, Zacch Adedeji confirmed that FIRS exceeded its revenue targets across various tax components.

Biztellers reports that the Senate had on Thursday, approved President Bola Tinubu’s request for a ₦1.77 trillion ($2.2 billion) loan to partially finance the 2024 budget deficit.

The decision followed a report from the Senate Committee on Local and Foreign Debts, chaired by Senator Wammako Magatarkada.

Deputy Senate President Barau Jibrin presided over the voice vote that secured the loan’s approval. The request, submitted earlier in the week, is part of a broader external borrowing plan tied to Nigeria’s fiscal strategy.

The loan request has drawn sharp criticism from opposition figures and public commentators.

Former Vice President Atiku Abubakar called the government’s borrowing plans “bone-crushing” and harmful to Nigerians.

“These @officialABAT’s loans are bone-crushing to Nigerians and bringing insufferable pressure on the economy, especially when they are not properly negotiated and utilized,” Atiku wrote on his X (formerly Twitter) account.

He accused the government of prioritizing corruption over development, adding, “It is concerning that the voracious appetite for these humongous loans is powered by corruption and not for infrastructure and development needs.

A report by BudgIT, a budget watchdog, has disclosed that the 2024 Budget is a mess because of the level of pork associated with it.”

Atiku also criticized the National Assembly, labeling it “an accomplice once more” in enabling excessive borrowing.