Atiku Bagudu, minister of budget and economic planning, has said that Nigeria’s $20 billion lags behind the budgets of other populous countries such as Indonesia and Brazil, and may not support fast-paced development.
Bagudu stated during his address at the launch of ActionAid Nigeria’s Country Strategy Paper, themed “Citizens’ Action Against Poverty and Injustice (2024-2034),” in Abuja on Thursday.
“The federal budget of Indonesia is about $210 billion. The federal budget of Brazil is about $700 billion and has been at that level for a while — for upwards of a decade. Nigeria’s federal budget is currently about $20 billion, with the highest it has reached being around $35 billion.
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Bagudu posed critical questions about Nigeria’s aspirations, questioning whether the country can realistically hope to achieve development seen in Brazil or Indonesia with such limited federal spending. He urged the nation to confront the reality of its economic situation, likening it to a family coming to terms with its financial limitations.
He stressed the importance of collective action from both the government and citizens to address what he termed as “decades of under-investment” in critical sectors.
“The situation we face today is not the result of any single leader’s actions but rather the outcome of cumulative under-investment over many years. We must all contribute to the solution,” Bagudu stated.
The minister noted that the administration of President Bola Tinubu was determined to address these challenges, consistent with practices in other countries, without apportioning blame. According to Bagudu, addressing Nigeria’s economic issues requires the involvement of all citizens, not just the government.
Andrew Mamedu, ActionAid Nigeria’s country director, also spoke at the event, warning that if Nigeria did not take urgent action to tackle poverty, future generations could suffer even more.
He cited alarming statistics showing that 133 million Nigerians, out of a population of 200 million, are multi-dimensionally poor, lacking not only financial resources but also essential services like education, healthcare, and clean water.
Mamedu underscored the importance of ActionAid’s new strategy paper, stressing that hope alone will not alleviate poverty; it must be accompanied by concrete actions.
Otive Igbuzor, founding executive director of the African Centre for Leadership, Strategy & Development, delivering a keynote address, called for the creation of comprehensive policy documents that outline clear priorities, targets, and strategies.
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He argued that Nigeria’s development could be significantly accelerated through a combination of political will, sound policies, and transparent governance.
Igbuzor also emphasised the importance of decolonising Nigeria’s development agenda by prioritising indigenous knowledge and promoting gender equality and social inclusion. He called for a movement that unites people against poverty and injustice, stating that the fight cannot be waged by a single entity or through isolated efforts.
ActionAid Nigeria’s strategy, as outlined in the paper, focuses on empowering citizens, strengthening governance, advancing economic and social justice, and building community resilience.
The organisation plans to mobilise grassroots movements to drive change, shifting mindsets, policies, and practices to create a Nigeria where justice prevails and every individual has the opportunity to reach their full potential.
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