Tinubu vows not to rest until Nigerians feel economic impact as GDP grows by 3.46 per cent.

President Bola Ahmed Tinubu has assured Nigerians of better economic output as the economy continues to expand.

Recall that the National Bureau of Statistics (NBS) on Monday in a report said Nigeria’s GDP has grown by 3.46 per cent, compared to the 3.19 per cent growth recorded in the second quarter.

“Nigeria’s Gross Domestic Product (GDP) grew by 3.46% (year-on-year) in real terms in Q3 2024”, said the statistical office.

The report noted that the growth rate is higher than the 2.54% recorded in Q3 2023 and higher than Q2 2024 growth of 3.19%.

Weighing in on the development, Tinubu said his administration has not and will never forget his promise of a $1 trillion economy by 2030.

In a statement issued by his Special Adviser on Media and Public Communications, Sunday Dare, the President assured that “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.”

The president said: “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.

“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.

“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.”