Nigeria's Budget Minister Calls for Larger National Budget

Senator Abubakar Bagudu, the Minister of Budget and Economic Planning, stated that Nigeria requires a larger national budget to realize its goal of becoming a $1 trillion economy. Speaking in Abuja, he criticized the current budget size, which he claims is the smallest among the world's most populous nations.

Bagudu argued that Nigeria should not base its budget solely on available resources but should instead consider what is necessary to meet its development aspirations. He referenced Brazil's significantly larger budget as a comparison, questioning how Nigeria could achieve similar outcomes without adequate fiscal capacity.

While he acknowledged the need for greater budget size, he cautioned that merely expanding the budget without addressing structural weaknesses in implementation could exacerbate fiscal pressures. Nigeria's 2026 budget is projected at an aggregate expenditure of N68.32 trillion, with N15.8 trillion allocated for debt service.