Tinubu's Top Minister Speaks on Why Nigeria Can't Fast-Track Dev't With $20bn Budget
- Atiku Bagudu, Minister of Budget and Economic Planning, highlighted that Nigeria’s $20 billion budget is significantly low to drive development
- Bagudu emphasized the need for both government and public involvement to address "decades of under-investment" in key sectors
- Andrew Mamedu, Country Director of ActionAid Nigeria, warned that future generations might face even greater challenges if urgent measures are not taken to combat poverty
FCT, Abuja - Atiku Bagudu, the Minister of Budget and Economic Planning, has highlighted that Nigeria’s $20 billion budget falls short compared to those of other populous nations like Indonesia and Brazil, potentially hindering rapid development.
He made these comments during his speech at the unveiling of ActionAid Nigeria’s Country Strategy Paper, titled “Citizens’ Action Against Poverty and Injustice (2024-2034),” held in Abuja on Thursday, August 8.
Source: UGC
ActionAid Nigeria’s strategy, as detailed in the new paper, aims to empower citizens, improve governance, promote economic and social justice, and strengthen community resilience.
He asserted:
“The federal budget of Indonesia is about $210 billion. The federal budget of Brazil is about $700 billion and has been at that level for a while — for upwards of a decade.
"Nigeria’s federal budget is currently about $20 billion, with the highest it has reached being around $35 billion."
Bagudu raised important questions about Nigeria’s development goals, challenging whether the country can realistically reach the levels of growth seen in Brazil or Indonesia with its current level of federal spending, The Punch reported.
Why Nigeria must reasses economic realities - Bagudu
Bagudu called for a candid assessment of Nigeria’s economic realities, comparing it to a family facing up to its financial constraints.
Emphasizing the need for a unified effort, Bagudu highlighted the importance of both government and public action in tackling what he described as "decades of under-investment" in crucial sectors, BusinessDay reported.
He said:
"The challenges we are dealing with today are not due to the actions of any one leader, but rather the result of years of insufficient investment.
"It is essential that everyone plays a part in finding the solution.”
He assured that President Bola Tinubu’s administration is committed to addressing these issues through approaches similar to those used in other nations, emphasizing that overcoming Nigeria’s economic challenges requires contributions from all citizens, not just the government.
ActionAid calls for urgent action against poverty
Andrew Mamedu, Country Director of ActionAid Nigeria, addressed the gathering by warning that without urgent action to address poverty, future generations could face even greater challenges.
Mamedu highlighted disturbing figures indicating that 133 million out of Nigeria’s 200 million people are multidimensionally poor, lacking not only financial resources but also access to vital services like education, healthcare, and clean water.
Mamedu emphasized that ActionAid’s new strategy paper is crucial, noting that hope alone will not end poverty—it must be matched by concrete measures.
CLSD: Fight against Nigeria's poverty must be unified
In his keynote address, Otive Igbuzor, founding executive director of the African Centre for Leadership, Strategy & Development, suggested that Nigeria’s progress could be greatly enhanced through strong political will, effective policies, and transparent governance.
Igbuzor also stressed the need to decolonize Nigeria’s development approach by valuing indigenous knowledge and fostering gender equality and social inclusion.
He called for a unified movement against poverty and injustice, stating that these issues cannot be tackled by isolated efforts.
"Less than a million," Bagudu speaks on monthly salaries of ministers
In a related development, Legit.ng reported that Nigeria’s Minister of Budget and Economic Planning, Atiku Bagudu, has disclosed details about the monthly salaries of Nigerian ministers.
Bagudu revealed these details when he played a guest on a television program on Channels Television.
Speaking about the cost of governance and public sector expenses, Bagudu highlighted that the monthly salary for ministers is significantly less than one million Naira.
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Source: Legit.ng
