Bagudu Urges Budget Increase for Nigeria's $1 Trillion Goal

Senator Abubakar Bagudu, the Minister of Budget and Economic Planning, has called for a substantial increase in Nigeria's national budget to support the country's ambition of becoming a $1 trillion economy. Speaking at the 2026 Capacity-building Workshop of the Senate Press Corps in Abuja, he argued that Nigeria operates one of the smallest budgets among the world's most populous nations.

Bagudu emphasized the need to rethink budget preparation, moving beyond merely available resources to consider what is necessary for development aspirations. He linked this discussion to President Bola Tinubu’s Renewed Hope Agenda and Agenda 2050.

Bagudu highlighted the disparity between Nigeria's budget and that of Brazil, which is significantly larger, questioning how Nigeria can achieve similar outcomes. He also stressed the importance of public understanding regarding borrowing and the National Assembly's role in budget appropriation, advocating for a collaborative effort with the media to drive the conversation on resource mobilization.