Nigeria's Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has emphasized the need for the country to scale up its budget size to achieve its development aspirations. Speaking at the 2026 Capacity-building Workshop of the Senate Press Corps in Abuja, Bagudu argued that Nigeria cannot become a $1 trillion economy with one of the smallest budgets among the world's most populous nations. He stressed that the country must stop preparing budgets based solely on available resources and consider what it would take to achieve its development goals.
Bagudu cited Brazil as an example, stating that its 2025 budget is at least 25 times the size of Nigeria's budget. He questioned whether Nigeria expects to achieve the same outcomes as Brazil without a similar budget size. The Minister emphasized that the National Assembly is an appropriate forum for debating the country's budget size, as lawmakers are confronted with their constituents' needs daily. He expressed confidence that the aggregate demand would approximate the kind of demand that exists in Brazil.
The Minister of Budget and Economic Planning urged the media to drive the conversation on increasing the budget size. He asked whether Nigeria should continue with a budget that gives its populace one of the smallest budgets among comparable countries or imagine how to mobilize more resources. Bagudu emphasized that public understanding is critical when it comes to borrowing, stating that the law allows borrowing to be limited and a function of public confidence.
The 2026 Capacity-building Workshop of the Senate Press Corps, themed "Leveraging Legislative Oversight and Media Collaboration to Safeguard the National Budget from Unlawful Insertions," brought together lawmakers, budget experts, civil society advocates, and journalists. The workshop aimed to promote collaboration between the legislature and the media in ensuring that the national budget is safeguarded from unlawful insertions.
Bagudu attributed alleged illegal insertions in the budget to human errors during the process. He insisted that the National Assembly's appropriation powers must be respected. The Minister emphasized that Nigeria must generate a $1 trillion economy that includes everyone, as part of President Bola Tinubu's Renewed Hope Agenda and Agenda 2050.
Other participants at the workshop, including Senate President Godswill Akpabio and Senator Adaramodu, called for stronger media scrutiny of the budget. They emphasized the need for collaboration between the legislature and the media to ensure that the national budget is transparent and accountable.
The debate on Nigeria's budget size is expected to continue, with the Minister of Budget and Economic Planning emphasizing that the country must take a critical look at its budget and consider what it would take to achieve its development aspirations. The National Assembly is expected to play a key role in this debate, as lawmakers are best placed to understand the needs of their constituents.
Key points
- Nigeria's budget size must be scaled up to achieve its $1 trillion economy ambition.
- The National Assembly's appropriation powers must be respected in the budget-making process.
- Stronger media scrutiny of the budget is necessary to ensure transparency and accountability.
