"NIGERIA'S BUDGET IS TOO SMALL FOR ITS HUGE POPULATION AND DEVELOPMENT NEEDS" - BUDGET MINISTER, ABUBAKAR

The Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has said Nigeria has one of the smallest national budgets among the world’s 10 most populous countries, despite its population and development needs.

Bagudu made the remarks on Monday at the Senate Press Corps Capacity-Building Workshop in Abuja, where he called for a broader conversation on revenue mobilisation and expanding the country’s fiscal space.

He said, “I would like to say that out of the top 10 most populous countries in the world, we have the smallest national budget.

“Should we continue with a budget that leaves our populace with one of the smallest budgets, or should we consider how we can mobilise more resources?”

The minister said the country’s budget conversation should begin with the question,“What is the national budget, and what should it be?”

He urged journalists to scrutinise budget provisions thoroughly and avoid assuming that unfamiliar provisions were unlawful insertions without investigating their origin, purpose and beneficiaries.

“We are dealing with human processes and human errors. Therefore, vigilance is necessary, and the media and legislative oversight should remain vigilant,” he said.

Bagudu also urged the media to balance transparency and accountability with national security considerations, while maintaining rigorous scrutiny of public institutions.

“How careful are we to ensure that, while insisting on holding public officials to account, we do not lose sight of the bigger picture?” he asked.

He linked the need for increased resource mobilisation to President Bola Tinubu’s Renewed Hope Agenda and the ambition to build a $1tn economy, saying Nigerians must confront difficult questions about how development is funded.