NASS to Reform Nigeria's Budgeting for $1 Trillion Economy

The National Assembly (NASS) is initiating efforts to reform Nigeria's budgeting system as part of a broader strategy to position the country towards achieving a $1 trillion economy. This reform will be driven by a high-level national policy dialogue scheduled for April 14-15, 2026, at the Bola Ahmed Tinubu International Conference Centre in Abuja.

The dialogue, led by Gboyega Isiaka, Chairman of the House Committee on National Planning and Economic Development, aims to address the persistent disconnect between national development plans and budget implementation, which has long hindered sustainable economic growth in Nigeria. Isiaka emphasized that Nigeria's current economic growth rate of 3.54% is inadequate to meet long-term development goals and that the country cannot continue on its usual trajectory.

He stressed that plans alone are insufficient without effective execution. Clement Jimbo, Deputy Chairman of the House Committee on Budget and National Planning, highlighted the importance of a strategic plan, noting that without coordination, budget systems may fail.

The dialogue will explore alternative approaches, including performance-based budgeting to enhance efficiency and transparency.