Nigeria needs larger budget to meet development needs, says Minister

Nigeria’s Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has stated that the nation possesses one of the smallest national budgets among the world’s ten most populous countries. Speaking at a workshop in Abuja, Bagudu highlighted that the current fiscal space is insufficient to meet the country’s massive population and development requirements.

Bagudu called for a national dialogue regarding revenue mobilisation to expand the country’s ability to fund long-term economic aspirations. He linked the need for increased resources to President Bola Tinubu’s ‘Renewed Hope Agenda’ and the broader objectives of Agenda 2050, which aims to build a more prosperous and inclusive economy.

The minister also urged journalists to perform deeper scrutiny of budget provisions, moving beyond identifying controversies to understanding the constitutional processes and the specific development needs the budget is intended to address.