Nigeria’s Minister of Budget and Economic Planning, Atiku Bagudu, has stated that the country’s economy is too small to meet its development needs. He made these comments during a media workshop at the National Assembly on Monday.
Bagudu pointed out that Nigeria has one of the smallest national budgets among the ten most populous countries in the world. He attributed this issue to the country’s low revenue compared to its overall economic output.
He compared Nigeria’s situation to that of Pakistan and Brazil, noting that while Pakistan’s budget is around $67 billion, Brazil’s upcoming federal budget is at least 25 times larger than Nigeria’s. Bagudu questioned how Nigeria can achieve similar development outcomes as Brazil with such a limited budget.
The minister emphasized the need for Nigeria to build a $1 trillion economy to meet its long-term development goals. He stressed that achieving this target would require better revenue generation, increased investments, and borrowing when necessary.
Bagudu also discussed the national budget process, explaining that it results from negotiations between the Executive branch, the public, and the National Assembly. He urged the media to help the public understand the reasons behind budget allocations and to verify any questionable items before labeling them as improper.
He noted that while capital expenditure is important, other expenses like salaries, security, and debt servicing are also crucial for government operations. Bagudu called for ongoing cooperation between lawmakers and the media to ensure transparency and accountability in Nigeria’s budget process.
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