Nigeria’s budget too small for meaningful development –Budget minister, Bagudu

Senator Abubakar Bagudu, Nigeria's Minister of Budget and Economic Planning, contends that the country's current budget is insufficient to achieve the desired level of development. Speaking at the 2026 Senate Press Corps Workshop in Abuja, Bagudu urged Nigerians, lawmakers and the media to reconsider the nation's approach to budgeting.

He stressed that the Federal Government's aim to build a $1 trillion economy is intrinsically linked to the size and structure of the national budget. Nigeria, according to the minister, currently has the smallest national budget among the world's 10 most populous countries, a fact that necessitates a reevaluation of the country's development goals.

Bagudu insisted that discussions surrounding the national budget should go beyond accusations of unlawful amendments and instead focus on determining the appropriate size of the budget and the resources required to attain the nation's development aspirations. He presented two options: budgeting based on affordability versus developing the capacity and public support needed to generate more resources for economic growth.

The latter option would necessitate a comprehensive understanding of Nigeria's fiscal constraints and the willingness to make tough decisions to enhance government revenue, investment, and borrowing capacity. Bagudu emphasized that the government's $1 trillion economy ambition cannot be decoupled from the budget's size and structure.

A product of the government's development ambitions, the national budget must reflect these aspirations. He also highlighted that the support for borrowing from the National Assembly is crucial for achieving these goals. Finally, Bagudu called on the media to play a more proactive role in elucidating Nigeria's fiscal situation to the public and probing how other countries have expanded their economies.