Foremost Economist, Agusto, Dies At 68

One of Nigeria’s foremost economists, Mubasheer Olabode Agusto, is dead.

The deceased, who served as special adviser (Budget Matters) to former President Olusegun Obasanjo during his second term in office, died at the age of 68.

Under his leadership, as special adviser (Budget Matters) to Obasanjo, Nigeria achieved budget surpluses every year, enabling the country to obtain debt relief and repay a staggering $32 billion of its national debt.

Agusto founded Nigeria’s first indigenous credit rating agency, Agusto & Co.

During this period, Agusto and his team reformed the budget process, introducing spending limits and fostering collaboration between key ministries and the National Assembly to create Medium-Term Sector Strategies aligned with the President’s goals.

Agusto’s legacy began with the establishment of Agusto & Co Limited in 1992, a company that would significantly impact Nigeria’s financial landscape. It emerged as the country’s first credit rating agency, earning recognition from the Securities and Exchange Commission.

His visionary leadership was instrumental during his 11-year tenure as the company’s managing director.

Before his venture with Agusto & Co., an accountant with exceptional talent, he served at various times as a former assistant vice president of Citibank Nigeria; a Partner in PriceWaterHouseCoopers (PwC); non-executive director of the National Pension Commission (PenCom) and the Shell Nigeria Pension Fund; in addition to his service as a member of the Monetary Policy Committee of the Central Bank of Nigeria.

Meanwhile, President Bola Tinubu has expressed profound sadness over the demise of the economic guru.

The president in a statement by his spokesman, Ajuri Ngelale, extended his heartfelt condolences to the Agusto’s family and their friends who are mourning in the wake of his passage into glory.

Tinubu acknowledged Augusto’s unparalleled contributions to the financial world as well as the public and private sectors of Nigeria.

Emphasising his pursuit of sustainable economic growth in the public service, Tinubu said the distinguished chartered accountant continued to share his wealth of knowledge even when faced with serious medical challenges.