The Minister of Budget and Economic Planning, Atiku Bagudu, has stated that Nigeria has one of the smallest national budgets among the world's 10 most populous countries, despite its huge population and development needs. He made this statement at the Senate Press Corps Capacity-Building Workshop in Abuja, which had the theme, “Leveraging Legislative Oversight and Media Collaboration to Safeguard the National Budget from Unlawful Insertion.” Bagudu emphasized the need for a broader national conversation on revenue mobilisation to expand Nigeria's fiscal space and fund development.
According to Bagudu, Nigeria's budget conversation must begin with a fundamental question: “What is the national budget, and what should it be?” He noted that the country's limited fiscal space, relative to its population and development needs, raises questions about whether the current level of public spending is adequate to achieve its development objectives. The minister also urged journalists to ask the right questions and investigate budget provisions thoroughly instead of concluding without sufficient context.
Bagudu linked the issue to President Bola Tinubu’s Renewed Hope Agenda and the administration's ambition to build a more prosperous and inclusive economy. He noted that Agenda 2050 provides a broader context for decisions on resource mobilisation and public investment. The minister stated that the ambition to build a $1tn economy requires Nigerians to confront difficult but necessary questions about how the country mobilises resources and funds development.
The minister underscored the constitutional role of the National Assembly in the budget process, noting that the legislature has ultimate authority over the national budget within Nigeria’s constitutional democracy. He urged greater public understanding of the relationship between the executive and legislature in shaping the budget and encouraged the media to strengthen scrutiny through evidence-based reporting.
On alleged budget insertions, Bagudu cautioned against assuming that every unfamiliar provision was irregular. He advised journalists to investigate the origin, purpose, and beneficiaries of specific provisions. The minister also called for a balanced discussion on budget transparency, particularly where the disclosure of sensitive information could have implications for national security or strategic interests.
An analysis published by The PUNCH in August showed that the combined budgets of Nigeria’s 36 states and the Federal Capital Territory rose by 47.5 per cent, from N27.22tn in 2025 to N40.14tn in 2026. Despite the increase, the proportion allocated to capital projects fell from 73.24 per cent in 2025 to 64.34 per cent in 2026. The Federal Government’s 2026 budget stands at N68.32tn, significantly above the combined budgets of the 36 states and the FCT.
Bagudu urged journalists to remain rigorous in holding public institutions to account while ensuring that coverage of the national budget does not lose sight of Nigeria’s broader development challenges. He asked, “How careful are we to ensure that, while insisting on holding public officials to account, we do not lose sight of the bigger picture?” The minister's statement highlights the need for a more comprehensive approach to budgeting and development in Nigeria.
Key points
- Nigeria has one of the smallest national budgets among the world's 10 most populous countries.
- The country's budget conversation must begin with a fundamental question: “What is the national budget, and what should it be?”
- The minister urged greater public understanding of the relationship between the executive and legislature in shaping the budget.
