Nigeria’s National Budget Lags Behind Its Population Needs, Says Minister

Senator Abubakar Bagudu, Nigeria’s Minister of Budget and Economic Planning, stated on Monday that the country’s national budget is among the smallest in the world when compared to its population. He made these remarks during a workshop in Abuja focused on budget oversight and media collaboration.

Bagudu emphasized the need for a national discussion on how to increase revenue to better support development. He questioned whether Nigeria’s current spending is sufficient to meet the needs of its citizens and achieve long-term economic goals.

He pointed out that Nigeria has the smallest budget among the ten most populous countries globally. Bagudu urged the public and journalists to engage in the budget conversation by asking critical questions about its purpose and adequacy.

The minister linked the budget issues to President Bola Tinubu’s Renewed Hope Agenda, which aims to create a more prosperous economy. He noted that achieving a $1 trillion economy requires difficult discussions about resource mobilization.

Bagudu also highlighted the importance of public understanding of the budget process, stating that citizens’ support is crucial for the government and legislature to make significant financial decisions. He encouraged journalists to investigate the budget thoroughly and not jump to conclusions about controversial provisions.

He cautioned against assuming that all unfamiliar budget items are irregular and stressed the need for careful reporting that considers national security and strategic interests. Bagudu concluded by urging the media to maintain a focus on Nigeria’s broader development challenges while holding public officials accountable.